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NY manufacturers report modest declines, pessimism about future
Manufacturing activity declined modestly in New York in April, a statewide survey shows. (Photo from Depositphotos)
Manufacturing activity declined modestly in New York in April, a statewide survey shows. (Photo from Depositphotos)
NY manufacturers report modest declines, pessimism about future
Listen to this articleBusiness activity declined modestly in New York in April, according to firms responding to the Federal Reserve Bank of New York’s Empire State Manufacturing Survey.
The companies have also turned pessimistic about the outlook, with the future general business conditions index falling to its second lowest reading in the more than 20-year history of the survey.
After dropping steeply last month, the headline general business conditions index rose twelve points but remained below zero at -8.1.
New orders fell modestly, and shipments edged lower. Delivery times held steady, and supply availability worsened, while inventories continued to expand.
Firms expect conditions to worsen in the months ahead, a level of pessimism that has only occurred a handful of times in the history of the survey.
The index for future general business conditions fell twenty points to -7.4; the index has fallen a cumulative 44 points over the past three months.
New orders and shipments are expected to fall slightly in the months ahead. Input and selling price increases are expected to pick up, and supply availability is expected to worsen over the next six months, the survey shows.
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