October 2024 Manufacturing Activity Expands
The October 2024 Manufacturing Business Outlook Survey indicated that manufacturing activity in the region expanded, with key indicators for general activity, new orders, and shipments rising after a downturn in September. The general activity index improved from 1.7 to 10.3, and both the new orders and shipments indices returned to positive territory, signaling renewed demand.
However, the employment index dropped to -2.2, indicating mostly stable hiring but a slight increase in firms reporting declines in employment. Additionally, price pressures eased somewhat, as both the prices paid and prices received indices fell, though they remain positive. Input costs continue to rise, albeit at a slower pace, indicating persistent inflationary pressures within the sector.
