New York Factories Expand at Solid Pace, Price Gauges at Record
(Bloomberg) -- New York state manufacturing continues to grow at another solid pace in May, reflecting the strongest orders in 15 years, while record shares of factories reported paying more for materials and charging higher prices.
The Federal Reserve Bank of New York’s general business conditions index cooled to 24.3 from 26.3 a month earlier, a report showed Monday. Figures above zero indicate expansion, and the median forecast in a Bloomberg survey of economists called for a reading of 23.9.
Prices paid for materials increased 8.8 points to 83.5, the highest in data back to 2001. The Fed bank’s gauge of prices received climbed 2.2 points to 37.1, also a series high.
An index of new orders rose in May to 28.9, the highest since March 2006.
While the delivery times gauge eased in May from a record a month earlier, the figure remained elevated and indicated little relief from materials shortages. Unfilled orders edged up to the highest since 2001.
The regional Fed bank’s measure of factory employment continued to reflect growth, while a gauge of the average workweek climbed to the highest in a decade.
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