Now that we have admitted weakness, why not cut interest rates quickly? What are you hesitating about?
New York Fed: Employment remained weak in September
Business activity in New York state increased for the first time in nearly a year, according to business responses to the September 2024 Manufacturing Survey. The U.S. New York Fed manufacturing index recorded 11.5 in September. The survey showed that new orders climbed, shipments increased significantly, delivery times and supplies were stable, and inventories leveled off. Labor market conditions remain weak, with employment continuing to contract modestly and average weekly hours worked remaining stable. There was little change in the pace of input and sales price increases. Although the capital spending index fell below zero for the first time since 2020, businesses have become more optimistic that conditions will improve in the coming months.