New York factories picked up the production pace in June, to raise the NY Fed's general economic index to 25.8 (consensus 11.3), versus 8 in May, as new orders and shipments rose. Any reading above zero indicates expansion. The index had slowed down considerably this year to an average reading of 9.4 in the first five months of 2007 versus and average of over 20 during 2006.
Inventory rebuilding helped both new orders and shipments to more than double in June versus May. New orders were 17.2, while shipments rose to 29.8. Inventories moved into positive territory at 3.2. Prices paid rose to 42.6 while prices received fell to 9.6.
The New York Fed is the earliest of the regional surveys, and is considered to be a better predictor for high-tech and apparel than some of the other regional surveys.
Friday, June 15, 2007
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