New York Manufacturing Expands at Record Pace, Price Gauge Rises
A gauge of New York state manufacturing in July advanced to a record high, reflecting the strongest orders and shipments in 17 years, while a measure of selling prices advanced to an unprecedented level.
The Federal Reserve Bank of New York’s general business conditions index climbed to 43 from 17.4 a month earlier, a report showed Thursday. Figures above zero indicate expansion, and the July print far exceeded the highest estimate in a Bloomberg survey of economists. The median projection called for a reading of 18.
The Fed bank’s gauge of prices received climbed 6.1 points to 39.4, while a measure of prices paid for materials eased to a still-elevated 76.8.
An index of new orders rose in July to 33.2, while the shipments gauge soared to 43.8, both the highest since May 2004.
The Fed’s index of current factory employment registered its strongest reading since 2018, while a measure of future hiring reached a record.
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