Manufacturing activity plummets in the US
2022.11.17 09:26
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Manufacturing activity plummets in the US
Budrigannews.com – The indicator of manufacturing activity in the US Mid-Atlantic region unexpectedly fell to its lowest level this month since 2011, excluding the coronavirus pandemic.
The Federal Reserve Bank of Philadelphia’s monthly manufacturing index fell from minus 19.4 to minus 8.7 in January. Outside of the brief decline in activity in the early months of the pandemic, it was the lowest reading since March 2011 and defied expectations in a Reuters Economist poll for a rise to minus 6.2.
The new orders index was negative for the sixth consecutive month, weakening in part from the month at the current reading of negative 16.2. In addition, the half-year outlook index, which has been consistently negative since March 3, was negative from March 3 from 14.9 to negative from 7.1.
Employment indicators showed continued growth in employment, but at its weakest pace since March 6, 2020.
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