The Federal Reserve Bank of New York released its monthly manufacturing survey this week. The news was not good.
Survey results indicated that business activity flattened out for New York manufacturers with the headline general business conditions index falling five points to 0.6. The new orders index and the shipments index both fell as well, plummeting to levels not far from zero, signifying that orders and shipments were little changed. Labor market indicators pointed to a small decline in employment levels and hours worked. The prices paid index held steady at 18.7, suggesting that moderate input price increases were continuing, and the prices received index held near zero, indicating that selling prices remained steady. Firms were also less optimistic about future conditions compared to last month. Read the full report and the supplemental survey.