Manufacturing growth in NYS cooled significantly in August, according to the NY Federal Reserve’s Empire State Manufacturing Survey, perhaps due to on-going supply chain and workforce issues or the growing impact of the Delta variant. The index came in at 18.3 points, well below expectations, but still indicative of expansion (a reading above 0.0 is consistent with growth). The 24.7 point drop followed a record high of 43.0 in July. Shipments were almost flat month-over-month while New Orders fell 18.4 points to 14.8. Prices Received hit a new high of 46.0 and Prices Paid remained close to record levels indicating on-going inflationary pressure. See the full report here.
