US Empire State Manufacturing Index fell sharply from -2.4 to -20.9 in March, well below expectation of -6.5. Looking at some details, new orders fell from -6.3 to -17.2. Shipments fell from 2.8 to -6.9. Prices paid fell from 33.0 to -28.7. Prices received ticked up from 17.0 to 17.8. Number of employments fell from -0.2 to -7.1. Average workweek fell from -4.7 to -10.4.
Richard Deitz, Economic Research Advisor at the New York Fed said: “Manufacturing activity fell significantly in New York State in March, with a decline in new orders pointing to softening demand. Labor market conditions remained weak as both employment and hours worked decreased.”
Full US Empire State Manufacturing release here.
