NY Fed Finds Soaring Costs And Record Breaking Delivery Times at Factories

President Joe Biden speaks with New York Gov. Kathy Hochul, left, New York Mayor Bill de Blasio and his wife Chirlane McCray, center left, as he arrives at John F. Kennedy Airport for a two day visit to attend the United Nations General Assembly, September 20, 2021, in New York. …
AP Photo/Evan Vucci

Manufacturers are reporting record delays and record inflationary pressures, data from the Federal Reserve Bank of New York showed Friday.

The New York Fed’s Empire State survey of manufacturers for October indicated that the supply chain problems widely reported are hitting the state’s factories.

The survey’s gauge of delivery times jumped to a record high for the second consecutive month, with 44.4 percent of respondents reporting longer delivery times and just 6.5 percent reporting shorter delivery times.

The metric for prices paid rose in October to the third-highest level ever, just behind May and June of this year. The share reporting paying higher prices rose to 80.6 percent from 76.5 percent. Just 1.9 percent reported paying lower prices.

The prices received metric dipped but remains near the record highs hit in September and August. The share reporting price hikes was 46.3 percent, while the share reporting price cuts was just 2.8 percent.

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