Economic Buzz: New York Manufacturing Index Indicates Contraction In August

16 Aug 2022 , 09:08 AM

New York manufacturing activity has unexpectedly seen a substantial contraction in the month of August, according to a report released by the Federal Reserve Bank of New York. The New York Fed said its general business conditions index plummeted to a negative 31.3 in August from a positive 11.1 in July, with a negative reading indicating a contraction in regional manufacturing activity. The unexpected contraction in regional manufacturing activity came as the new orders plunged to a negative 29.6 in August from a positive 6.2 in July, while the shipments index dove to a negative 24.1 from a positive 25.3. The report showed the number of employees index also fell to 7.4 in August from 18.0 in July, although a positive reading still indicates job growth. The prices paid index also dropped to 55.5 in August from 64.3 in July, while the prices received index inched up to 32.7 from 31.3.Powered by Commodity Insights