The Federal Reserve Bank of New York has released its latest Manufacturing Survey, and it brings with it some welcome news for manufacturers. The survey found that their business activity grew in June:
After dropping to a level just below zero last month, the general business conditions index more than made up for lost ground, rising twenty-one points to 19.8, its highest level since September 2014. Thirty-six percent of respondents reported that conditions had improved over the month, while 16 percent reported that conditions had worsened. The new orders index, which showed a decline in orders last month, jumped twenty-three points to 18.1, indicating that orders increased markedly. The shipments index rose to 22.3, pointing to a substantial increase in shipments. The unfilled orders index moved up to 4.6, and the delivery time index was little changed at 5.4. The inventories index rose to 7.7, a sign that inventory levels were higher.