Manufacturing activity in central U.S. slowed in May compared with the previous month, data from a survey by the Federal Reserve Bank of Kansas City showed.
to 2.6 from 17.6 a month earlier, barely hanging on to positive territory. All those declines were worse than expected, indicating that economists had underestimated the slowdown that hit the manufacturing sector in May.
The outlook for prices of raw materials and finished goods prices remained high but were down from recent historical highs. “We continue to struggle hiring people. In some cases, we have raised wages 20% in the past few years. This“Continue to see tight labor market. Need to attract employees from other companies.”
“There is a very troubling loop of high inflation causing significant issues for people commuting to work. This is driving higher wages and once again, companies are forced to raise prices. At some point, the US will become uncompetitive globally and could slow demand.”
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