2022 End of Year Review
- Manufacturing production ended the year on a negative note, with output declining sharply in both November and December, down 1.1% and 1.3%, respectively. It was the slowest level of production in the sector since September 2021.
- As such, manufacturers struggled amid slowing global growth and ongoing geopolitical and economic uncertainties, mirroring data seen in other indicators. On a year-over-year basis, manufacturing production has declined 0.5%. In addition, manufacturing capacity utilization fell from 78.5% to 77.5%, a 15-month low.
- Manufacturing activity contracted in both the New York and Philadelphia Federal Reserve Bank districts in January, with the Empire State Manufacturing Survey’s headline index falling to the lowest level since May 2020. Respondents felt cautiously positive in their outlook, however, and raw material costs decelerated to rates not seen in more than two years, albeit at still elevated rates of growth.
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