The New York Fed’s manufacturing survey beat expectations in July (+1.1 vs -3.5 exp), but fell to barely positive from the +6.6 print in June. The overall sentiment index has swung wildly in recent months from optimisms to pessimism and back, and that is highlighted by manufacturers’ diverging views of business conditions, with roughly 29% reporting an improvement and some 27% citing a deterioration.
Perhaps most notably, the report showed a further cooling of inflationary pressures.
Measures of prices paid and received by New York state manufacturers slid to levels not seen since mid-2020.
Source: Bloomberg
However, the outlook for prices received picked up, even as the overall outlook for business declined (with the average workweek expected to decline notably).
Tyler Durden
Mon, 07/17/2023 – 08:57
