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New York Manufacturing Contracts for Second Time in Three Months -Breaking

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© Reuters. New York Manufacturing Contracts: Second time in three months

(Bloomberg.com) — New York’s state activity fell unexpectedly in May. This was due to a drop in orders and shipment.   

The Federal Reserve Bank of New York’s general business conditions index dropped over 36 points to minus 11.6, a report showed Monday. Inflation is indicated by figures less than zero, while the May print fell below all expectations in a Bloomberg survey. These figures are volatile, as the May numbers reflect a recent growth spike in the previous month. 

The New York Fed’s data are the first of several regional Fed manufacturing numbers set for release over the coming weeks. As expected, similar disappointing results could fuel fears of a slowdown. 

The group’s gauge of new orders dropped nearly 34 points in May to minus 8.8, and the shipments measure fell at the fastest pace since early in the pandemic, sinking about 50 points. 

From a record 73.7 last month, the prices paid index dropped to a still high 73.7. Also, the gauge of received prices fell. This indicates that there have been substantial and persistent price rises in input and sold prices. The group’s employment index rose. 

The gauge is still well below those levels that were seen at the close of 2021, although it showed a slight improvement in expectations regarding general business conditions over the next six months. 

 

 

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