New York manufacturing growth eases from four-year high

(Sharecast News) - Manufacturing activity growth across New York eased this month after increasing by its most in over four years in May, according to the latest Empire State Manufacturing Index released by the regional Federal Reserve. The Federal Reserve Bank of New York's monthly manufacturing gauge released on Monday decreased to 5.7 in June from 19.6 in May.

This represented just "modest" growth, according to the Fed, coming in below the consensus forecast of 14.

Some 29% of manufacturing firms reported increases in activity, marginally outweighing the 23% which reported a decrease, with the new orders index easing to just 3.5 and the shipments index at 8.6.

While firms remained "fairly optimistic" - 44% expect activity to increase in the months ahead - price increases remain elevated, with the prices paid index little changed at 61.0.

"The future selling price index rose to its highest level since 2022, suggesting that firms widely expect to raise their prices over the next six months," the Fed said.