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Financial News: New York Manufacturing Activity Steadied In June

New York Manufacturing Activity Steadied In June

06/15/2020 - 10:10:00 (RTTNews)

(RTTNews) - Manufacturing activity in New York steadied in the month of June after seeing sharp contractions in April and May, according to a report released by the Federal Reserve Bank of New York on Monday.

The New York Fed said its general business conditions index spiked to negative 0.2 in June from negative 48.5 in May. A negative reading indicates a contraction in regional manufacturing activity.

The jump by the index far exceeded the estimates of economists, who had expected the index to surge up to negative 27.5.

The much bigger than expected increase by the headline index came as the shipments index returned to positive territory, jumping to 3.3 in June from negative 39.0 in May.

The new orders index also showed a substantial recovery, soaring to negative 0.6 in June from negative 42.4 in May, indicating new orders were nearly unchanged.

While the number of employees index also rose to negative 3.5 in June from negative 6.1 in May, a negative reading still indicates a loss of jobs.

The report also said the prices paid index climbed to 16.9 in June from 4.1 in May, while the prices received index increased to negative 0.6 from negative 7.4.

Looking ahead, the New York Fed said firms were notably more optimistic that conditions would be better in six months.

The index for future business conditions surged up to 56.5 in June from 29.1 in May, reaching its highest level in more than a decade.

"Manufacturing will slowly start recovering as states proceed with reopening, but significantly weaker demand, ongoing supply chain disruptions and heightened uncertainty make a V-shaped recovery doubtful," said a note from economists at Oxford Economics.

They added, "More likely, the rebound will be in two phases: a quick, but fairly short-lived, partial snap-back, followed by softer and protracted recovery."

On Thursday, the Philadelphia Federal Reserve is scheduled to release its report on regional manufacturing activity in the month of June.

Economists currently expect the Philly Fed Index to jump to negative 22.7 in June from negative 43.1 in May.

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