New York Manufacturing Activity Grows At Slower Pace In March
March 15 2017 - 5:45AM
RTTF2
Activity in the New York manufacturing sector grew at a modestly
slower rate in the month of March, according to a report released
by the Federal Reserve Bank of New York on Wednesday.
The New York Fed said its business conditions index dipped to
16.4 in March from 18.7 in February, although a positive reading
still indicates growth. Economists had expected the index to drop
to 15.0.
The modest drop by the headline index came as the shipments
index slid to 11.3 in March from 18.2 in February, indicating
slower growth.
The prices paid index also fell to 31.0 in March from 37.8 in
February, while the prices received index tumbled to 8.8 from
19.4.
On the other hand, the report said the new orders index climbed
to 21.3 in March from 13.5 in February, reaching its highest level
in several years.
The number of employees index also increased to 8.8 in March
from 2.0 in February, pointing to an acceleration in the rate of
job growth in the New York manufacturing sector.
Looking ahead, the New York said future indexes were generally
lower, but the indexes assessing the six-month outlook suggested
that firms remained highly optimistic about future conditions.
The report said the index for future business conditions dropped
to 37.4 in March from 41.7 in the previous month.
On Thursday, the Philadelphia Federal Reserve is due to release
its report on regional manufacturing conditions in March. The
Philly Fed Index is expected to drop to 30.0 in March from 43.3 in
February.
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