Monday, March 16, 2020

NY Fed: Manufacturing "Business activity declined in New York State", Headline Fell Sharply

by Calculated Risk on 3/16/2020 08:37:00 AM

From the NY Fed: Empire State Manufacturing Survey

Business activity declined in New York State, according to firms responding to the March 2020 Empire State Manufacturing Survey. The headline general business conditions index fell thirty-four points to -21.5, its lowest level since 2009. The new orders index dropped to -9.3, pointing to a decline in orders, and the shipments index fell to -1.7. Delivery times lengthened slightly, and inventories increased. Employment levelled off, and the average workweek declined. Input price increases were little changed, while selling prices increased at a slower pace than last month. Optimism about the six-month outlook fell sharply, with firms less optimistic than they have been since 2009.
...
The index for number of employees fell eight points to -1.5, indicating that employment levels were little changed over the month. The average workweek fell to -10.6, a sign that the average workweek was shorter.
emphasis added
This was well below the consensus forecast, and the outlook is the worst since 2009.