Home | Growth | More worrisome news for the economy: NY manufacturing slows further in April

More worrisome news for the economy: NY manufacturing slows further in April

By
Font size: Decrease font Enlarge font
More worrisome news for the economy:  NY manufacturing slows further in April

NY Fed data indicates a contracting manufacturing environment.

Data released today by the Federal Reserve Bank of New York provide further evidence of a slowing economy.

The state’s business conditions index declined to -1.19 in April from 6.90 in March, which was the first negative reading since December. (Readings above 0 indicated expansion.)

Analysts had expected the index to increase to 8.0.

"When looking forward, manufacturers seem to have a rosier picture." 

The new orders, employment and pricing indices all showed slippage.  The new order index fell further to -6.0 in April, following a reading of -2.39 in March, while the employment index was almost halved month-on-month, falling from 18.56 in March to 9.57 in April.  Meanwhile, margins continue to get hammered, as the prices-received index fell to 4.26 from 8.25 in March, and the prices-paid index increased to 19.15 from 12.37.

On the bright side, shipments rebounded during the month.  The shipments index increased to 15.23 after falling to 7.93 in March from 14.12 in February.

When looking forward, manufacturers seem to have a rosier picture.  According to the report, the index for future general business conditions climbed for a second consecutive month, rising six points to 37.1. The future new orders and shipments indices posted similar increases. The future prices paid index advanced to 38.3, suggesting that manufacturers expect a pickup in input price increases, while the future prices received index was little changed at 13.8. The index for future employment was lower, but still suggested that employment levels were expected to rise significantly in the months ahead.

For the full report, click here.

Share this:

Join PRESIDENT&CEO on LinkedIn

Subscribe to comments feed Comments (0 posted)

total: | displaying:

Post your comment

  • Bold
  • Italic
  • Underline
  • Quote

Please enter the code you see in the image:

Captcha