NY Fed Empire State Manufacturing Index drops to 3.7 in March vs 10 expected

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 “The headline general business conditions index fell five points to 3.7,” the Federal Reserve Bank of New York said in its latest Empire State Manufacturing Survey.

Key quotes

  • New orders increased only marginally, while shipments grew modestly.
  • Delivery times and inventories held steady.
  • Labor market indicators pointed to an increase in employment, but a small decline in hours worked.
  • The prices paid index moved higher for the first time in four months, pointing to a pickup in input price increases, while the prices received index moved lower, indicating a slowing in selling price increases.
  • Indexes assessing the six-month outlook suggested that firms remained fairly optimistic about future conditions.
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