1. New York Manufacturing Contracts as Orders, Shipments Weaken.
- Author
-
Golle, Vince
- Subjects
FEDERAL Reserve banks ,BUSINESS conditions ,CONTRACT manufacturing ,CAPITAL investments ,WORKING hours ,INDEX numbers (Economics) - Abstract
New York state's manufacturing sector has contracted this month, with a decline in orders and shipments, according to the Federal Reserve Bank of New York. The general business conditions index dropped to a five-month low of minus 11.9, indicating contraction. However, the six-month outlook for overall activity reached a three-year high, suggesting manufacturers are more optimistic about the economy's future. The employment index also rebounded, showing expansion for the first time in a year. The report reflects the challenges faced by the manufacturing industry, including limited capital spending, sluggish export markets, and the upcoming election. [Extracted from the article]
- Published
- 2024