“The New York Federal Reserve Bank’s monthly survey of manufacturers, published earlier this week, reported sharp drops in what it calls “forward-looking indicators”—that is, what businesses expect the next six months to look like. The manufacturers in the survey expect to see fewer orders, longer delivery times, declining inventories, and lower levels of employment. About the only lines in the survey that are pointed upward are the expectations about prices.”
https://reason.com/2025/04/16/tariff-uncertainty-is-stalling-the-economy