NYS manufacturers are more worried about the future than at any time in almost 25 years, according to the April Empire State Manufacturing Survey from the Federal Reserve Bank of New York. Manufacturing activity statewide continued to decline, but at a slower rate than last month, with the index remaining in negative territory at -8.1, despite improving 11.9 points (a reading above 0.0 indicates growth). Increases in Prices Paid and Prices Received signal renewed inflationary pressure and may be part of the reason for manufacturers’ pessimism about the next six months. The Forward-Looking index plunged -20.1 points to -7.4, the lowest reading since September 2001. The Future Looking index has now fallen 44 points in the last three months. See the full report here.
