N.Y. Manufacturers’ Expansion Moderates; Sales Prices at Record
(Bloomberg) -- A gauge of New York state manufacturing moderated in August after expanding at an unprecedented pace a month earlier, while a measure of selling prices advanced to a fresh record.
The Federal Reserve Bank of New York’s general business conditions index decreased to 18.3 from 43 a month earlier, a report showed Monday. Figures above zero indicate expansion. The median projection in a Bloomberg survey of economists called for a reading of 28.5.
The Fed bank’s index of prices received climbed 6.6 points to 46, while a measure of prices paid for materials eased slightly to a still-elevated 76.1. The figures suggest inflationary pressures remain elevated.
Gauges of current new orders, shipments and inventories continued to show growth so far this month, yet at more measured paces. At the same time, delivery times lengthened -- with the New York Fed’s index climbing to the second-highest level on record. Combined with a pickup in unfilled orders, the figures indicate producers continue to have trouble meeting demand.
The Fed’s index of future business conditions strengthened along with measures of orders and shipments.
The survey was conducted Aug. 2-9.
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