Fed: N.Y. BCI Sees Modest Increase to 7.10 in August

The Empire State Manufacturing Survey showed "conditions improved modestly in August" as the general business conditions index climbed to 7.10 from 5.08 in July, the Federal Reserve Bank of New York said Monday.

Economists had expected the index to reach 8.00.

The new orders index slid to negative 2.71 from positive 10.13, the shipments index fell to negative 11.50 from positive 6.31, and unfilled orders improved to negative 10.00 from negative 15.87, the Fed said.

The prices paid index slid to 20.00 from 25.40, while the prices received index fell to negative 2.86 from negative 1.59. The number of employees index surged to 14.29 from 7.94, while the average employee workweek index soared to positive 7.14 from negative 9.52, the Fed reported.

Looking six months into the future, the general business conditions index decreased to 35.71 from 41.27.

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