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Market Update: Tenth District Manufacturing Activity Expands Firmly
The Kansas City Fed’s Manufacturing Production Index dropped to 32 in May 2021, from the previous month’s all-time high of 40, suggesting Tenth District manufacturing activity continued to expand at a strong pace. Output growth was driven higher by increased activity at durable goods plants, especially for primary and fabricated metals, machinery, furniture, and transportation equipment manufacturing. Also, new orders rose at a faster pace and expectations for future activity remained solid. A majority of firms reported plans to increase wages in 2021, partially in response to difficulties attracting qualified job applicants. Meanwhile, supply chain delays and rising materials prices have negatively impacted over 84% of firms. source: Federal Reserve Bank of Kansas City [/s2If]
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