This week, the Federal Reserve Bank of NY released the findings of its April Empire State Manufacturing Index, a snapshot survey of the health of the manufacturing sector in NY.
As per the respondents, there was a modest decline in business activity, which was, however, a slight improvement from last month’s significant drop. The pace of input price and selling price increases accelerated to the highest level in over two years.
The firms surveyed expressed pessimism about the future business conditions index, which plummeted by 20 points. This marks the second lowest reading in the 20-year history of the survey, with the index dropping by 44 points in the last three months.
Capital spending plans were flat. However, selling prices are expected to pick up, and supply availability is anticipated to worsen in the next six months.
These survey results are a macrocosm of corporate America’s sentiment and stagnation as the US grapples with tariff uncertainties.
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