New York Manufacturing Unexpectedly Grows At Slightly Faster Rate
December 15 2021 - 5:02AM
RTTF2
The Federal Reserve Bank of New York released a report on
Wednesday unexpectedly showing a modest acceleration in the pace of
growth in regional manufacturing activity in the month of
December.
The New York Fed said its general business conditions index
inched up to 31.9 in December from 30.9 in November, with a
positive reading indicating growth. The uptick surprised
economists, who had expected the index to pull back to 20.5.
The unexpected increase by the headline index came despite
modest slowdowns in the pace of growth in new orders and
shipments.
The new orders index dipped to 27.1 in December from 28.8 in
November, while the shipments index slipped to 27.1 from 28.2. The
New York Fed noted the readings still point to another month of
strong growth in both areas.
The report showed the number of employees also slid to 21.4 in
December from 26.0 in November, indicating a slowdown in the pace
of job growth.
Meanwhile, the unfilled orders index climbed to 19.0 in December
from 12.7 in November, as firms had more unfilled orders.
The New York Fed said the delivery times index tumbled to 23.1
in December from 32.2 in November, suggesting delivery times
lengthened significantly but less so than last month.
The report also showed the prices paid index fell to 80.2 in
December from 83.0 in November, while the prices received index
dropped to 44.6 from 50.8.
Looking ahead, firms remained optimistic that conditions would
improve over the next six months, with the index for future
business conditions nearly unchanged at 36.4 in December compared
to 36.9 in November.
The New York Fed said longer delivery times, higher prices, and
increases in employment are all expected in the months ahead.
On Thursday, the Philadelphia Federal Reserve is scheduled to
release its report on regional manufacturing activity in December.
The Philly Fed Index is expected to slump to 30.0 in December from
39.0 in November.
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