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.
