NAM: Manufacturing Shrinks Again In Both May And June
Manufacturing production contracted for the second straight month, declining 0.5 percent in both May and June, according to Chad Moutray, Ph.D. and Chief Econ- omist at the National Institute of Manufacturers (NAM). As such, the solid gains in output seen in the spring have waned, with growth stalling in the summer. Manufacturers continue to be challenged by supply chain bottlenecks, workforce shortages and soaring production costs. With that said, manufacturing activity has proven to be quite resilient over the course of the past year, and while manufacturing production has pulled back for two con- secutive months, it has risen 3.6 percent over the past 12 months. In addition, manufacturing capacity utilization has slipped from 80.3 percent in April, the highest since April 2007, to 79.8 percent in May to 79.3 percent in June, but it remains elevated. Manufacturing activity expanded for just the third time this year in the Empire State survey. Input prices decel- erated, remaining elevated but at the slowest pace since February 2021. Yet, manufacturers in the region felt pessi- mistic in their outlook for the next six months, with the for- ward-looking composite index notching the first negative reading since February 2009. CONTINUED ON PAGE 10
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8 July 25, 2022
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