By Ovunc Kutlu
ANKARA (AA) - New York Fed manufacturing index sank in March to its lowest level in 22 months, the Federal Reserve Bank of New York said in a statement Tuesday.
The Empire State Manufacturing Index, which measures the level of general business conditions in the state of New York, fell almost 15 points to -11.8, its lowest since May 2020.
While the market expectation was for it to come in at 7.0 in March, it stood at 3.1 in February.
A level above 0 indicates improving conditions. Below that shows worsening conditions.
"New orders and shipments declined modestly, while unfilled orders increased. Delivery times continued to lengthen substantially, and inventories expanded," the said the New York Fed.
"Longer delivery times, higher prices, and increases in employment are all expected in the months ahead, and capital spending plans remained firm," it added.