New York Manufacturing Activity Grows At Faster Rate In March
March 15 2018 - 5:45AM
RTTF2
Business activity in the New York manufacturing sector grew
robustly in the month of March, the Federal Reserve Bank of New
York revealed in a report on Thursday.
The New York Fed said its general business conditions index
climbed to 22.5 in March from 13.1 in February, with a positive
reading indicating growth in the manufacturing sector. Economists
had expected the index to edge up to 15.0.
The bigger than expected increase by the headline index was
partly due to a notable acceleration in shipment growth, as the
shipments index jumped to 27.0 in March from 12.5 in February.
The new orders index also rose to 16.8 in March from 13.5 in
February, indicating a modest acceleration in the pace of new
orders growth.
Meanwhile, the report said the number of employees index edged
down to 9.4 in March from 10.9 in February, suggesting a slight
slowdown in the pace of job growth in the sector.
The New York Fed also said the prices paid index inched up to
50.3 in March from 48.6 in February, while the prices received
index crept up to 22.4 from 21.5.
Looking ahead, firms remained optimistic about the six-month
outlook, although the index for future business conditions fell to
44.1 in March from 50.5 in February.
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