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NYS Manufacturers’ Confidence Craters

After dipping into negative territory in June, the Federal Reserve Bank of NY’s Empire State Manufacturing Survey rebounded in July by climbing 12.3 points to 11.1 (a reading above 0 is consistent with expansion).  However, NY manufacturers’ confidence plummeted over 20 points to -6.2, the lowest level in over 20 years, signaling pessimism about the near term.  The report does contain a silver lining as both Prices Paid and Prices Received eased to their lowest level since early 2021 suggesting that inflation may be moderating.  See the full report here.


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