New York state factory activity contracted in March by more than forecast as gauges of orders, shipments and employment all decreased, and worse still for the average (tax-paying Joe) manufacturers were confident in their ability to pass on costs to the end-user.
NYFRB's general business conditions index plunged 18.5pts in March to -20.9. A reading below zero indicates contraction, and the measure was weaker than all estimates in a Bloomberg survey of economists.
Source: Bloomberg
“Manufacturing activity fell significantly in New York State in March, with a decline in new orders pointing to softening demand. Labor market conditions remained weak as both employment and hours worked decreased.”
~Richard Deitz, Economic Research Advisor at the New York Fed
The end client is feeling Manufacturers' pain as Prices Received surged to one year highs (and expectations are for prices to keep rising)...
Source: Bloomberg
The index of new orders slid to minus 17.2, while the measure of shipments dropped to minus 6.9. The index of current employment retreated to minus 7.1
And worse still, despite all those GDP-enhancing illegals, the employment picture in the NY manufacturing is ugly and getting uglier...
Source: Bloomberg
Is there a chance that the Biden admin's narrative about the benefits of millions of illegal immigrants is all a big lie? Or is that just more vast-right-wing conspiracy talk?
