Resilience of the Manufacturing Sector
- Manufacturing production rose 0.9% in March. These data continued to show the resilience of the sector, which reported strong growth despite significant challenges from supply chain bottlenecks, workforce shortages, soaring production costs and COVID-19.
- Indeed, manufacturing capacity utilization jumped to 78.7% in March, the highest reading since December 2007. Overall, manufacturing production has risen 3.9% post-pandemic.
- After declining in March at the fastest pace since May 2020, manufacturing activity in the New York Federal Reserve Bank’s district rebounded strongly in April. Orders and shipments bounced back, and the index for input prices soared to a new record rate, for a series dating to July 2001. Manufacturers in the region were less positive in their outlook for the next six months.
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