New York-area manufacturers reported continued weakness in their current business, with new orders at their lowest point in the past two years and shipments little changed.
Manufacturers are slowing their hiring activity as well, according to an updated Empire State Manufacturing Survey published Monday morning by the Federal Reserve Bank of New York, whose territory includes Fairfield County. That is occurring despite “some recovery in the level of optimism” in the Fed”™s words, as suggested by an index that tracks expectations on future orders.
Still, manufacturers reported no change in their inventory levels.
In a series of supplementary questions, the Fed asked manufacturers about recent and expected changes in their selling prices. Companies indicated they have hiked prices 1 percent over the past year and were expected to tack on another 2 percent by this time net year.
