The May Manufacturing Survey has been released by the Federal Reserve Bank of Kansas City.
According to the May 25 Federal Reserve news release, the survey pulls together key metrics to develop long-term trends, with results that demonstrate movement in areas of manufacturing activity, ranging from production to shipments to zero in on shifts in the prices of raw materials and finished products.
“Regional factory activity was largely unchanged in May,” Chad Wilkerson, senior vice president at the Federal Reserve Bank of Kansas City, said in the news release. “Prices cooled significantly over the last month and year and are expected to cool further.”
The Federal Reserve Bank of Kansas City serves the 10th Federal Reserve District, according to the news release This includes the western third of Missouri and Kansas and the northern portion of New Mexico, Colorado, Nebraska, Oklahoma and Wyoming.
A summary of the survey is available online. It includes historical data such as results from past surveys and release dates for future surveys.
Moreover, according to the news release, the bank is involved in developing domestic monetary policy as a member of the central bank of the country, and it noted a number of commercial banks and bank holding companies are under its control.
According to the survey, respondents were queried about prices and input costs. When compared to 2022, most firms commented material costs, selling prices and wages over the next year are likely to increase at a rate that is similar or slower.
Some respondents said customers couldn’t pick up the rising costs quickly enough for them to be able to pass through the rising costs amid a volatile market, the survey reported. Other contacts commented they anticipate wage increases to flow, while there may be a need for regional adjustments to keep up with local markets.
Contacts also noted it still can be tough to find entry-level workers, and while labor availability is improving, quality is not. It was also noted the supply chain has improved over the last six to 12 months, according to the survey.
