By Joshua KirbyFactory activity in New York State slowed notably this month, reversing much of the previous gains made earlier in the year, according to a New York Federal Reserve survey published Friday. "A decline in new orders [points] to softening demand," said Richard Deitz, economic research adviser at the New York Fed. The state's labor market also weakened, according to the survey, with the employee-numbers index and average workweek both declining. "Labor market conditions remained weak as both employment and hours worked decreased," Deitz said. Despite faltering activity, firms remained generally optimistic about business conditions for the six months ahead, with little change in the indicator for expectations.

Source: Wall Street Journal March 15, 2024 12:48 UTC