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Financial News: New York Manufacturing Index Indicates Notably Slower Cont

New York Manufacturing Index Indicates Notably Slower Contraction In June

06/17/2024 - 09:17:00 (RTTNews)

(RTTNews) - New York manufacturing activity contracted at a notably slower rate in the month of June, 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 climbed to a negative 6.0 in June from a negative 15.6 in May, although a negative reading still indicates contraction. Economists had expected the index to rise to a negative 9.0.

The bigger than expected increase by the headline index partly reflected a significantly slower contraction by new orders, as the new orders index jumped to a negative 1.0 in June from a negative 16.5 in May.

The report also showed a turnaround by shipments, with the shipments index rising to a positive 3.3 in June from a negative 1.2 in May.

Meanwhile, the New York Fed said the number of employees index dipped to a negative 8.7 in June from a negative 6.4 in May, indicating a faster contraction.

The prices paid index also fell to 24.5 in June from 28.3 in May, while the prices received index slid to 7.1 in June from 14.1 in May.

Despite the continued contraction in current activity, the New York Fed said optimism about the six-month outlook picked up to its highest level in more than two years.

The index for future business conditions surged to 30.1 in June from 14.5 in May, reaching its highest level since hitting 36.6 in March of 2022.

On Thursday, the Philadelphia Federal Reserve is due to release its report on regional manufacturing activity in June, with the Philly Fed Index expected to hold at a positive 4.5.

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