Inventory and Order Backlogs Decline
The survey indicates a continued shrinkage in unfilled orders, as the unfilled orders index steadies at -10.9. Additionally, inventories are diminishing, with the inventories index marginally changing to -12.9. Delivery times appear stable, with the delivery times index at -1.0.
Employment and Working Hours Decrease
Labor market indicators are showing signs of stress. Both employment levels and working hours are on a downtrend, as reflected in the seven-point decrease in the employment index to -7.1 and a six-point fall in the average workweek index to -10.4.
Price Pressures and Future Outlook
While input price increases have moderated slightly, selling price increases have remained consistent. Firms maintain a cautious optimism for the future, with the future business conditions…
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