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New York Manufacturing Output Falls to Lowest Level Since May 2020


Manufacturing activity in the New York area fell in March for the first time since the start of the COVID-19 pandemic.

Source: Federal Reserve Bank of New York

DXY down -0.29%,  EUR USD up +0.42%

The New York Fed’s Empire State general business conditions index dropped to -11.8 from 3.1 in February. That drop signaled the lowest reading since May 2020 and was below expectations of 7.0.

The new orders index plunged 12.6 points to -11.2 in March, as the shipments index stood at 2.9 in February. Labor market indicators signaled a modest increase in employment and a slightly longer average workweek.

The delivery times index rose 11.1 points to 32.7, and the inventories index stood at 21.5 in March, increasing from 11.7 in February.

24% of the survey respondents expect conditions to improve over the month, as 35% of the respondents stated that conditions had worsened.

Companies were slightly more optimistic than last month that conditions would improve in the upcoming six months.


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