The Fed is about to make its biggest decision of the year

Even though retail sales missed expectations, some data this morning was better than expected: The New York Federal Reserve’s manufacturing index came in a lot stronger than economists had predicted.

At 31.9, the index beat the expected 25 — as well as the prior month’s level of 30.9.

New orders and shipments increased, but companies also had more unfilled orders.

As the supply chain crisis drags on, delivery times continues to lengthen though at a slower pace than in November.

Employment also increased and the workweek lengthened.

Price indexes, meanwhile, declined a bit but remained their record highs, according to the New York Fed’s survey.