Empire State Manufacturing Report Shows Less Improvement

The Empire State Manufacturing Survey showed "conditions for New York manufacturers improved modestly for a third consecutive month," the Federal Reserve Bank of New York reported Thursday as the general business conditions index dipped to 8.24 in August from 9.46 in July.

Economists surveyed by Thomson Reuters had expected the index would be 10.0.

The new orders index fell to 0.27 from 3.77, while the shipments index decreased to 1.47 from 8.96, and unfilled orders narrowed to negative 6.02 from negative 8.70, the Fed said.

The delivery time index dropped to negative 1.20 from positive 3.26, while the inventories index narrowed to negative 3.61 from negative 6.52 in the prior survey. The prices paid index rose to 20.48 from 17.39, while the prices received index gained to 3.61 from 1.09. The number of employees index rose to 10.84 from 3.26, while the average employee workweek index climbed to positive 4.82 from negative 7.61, the Fed reported.

Looking six months into the future, the general business conditions index increased to 37.39 from 32.01 last month. The new orders index dipped to 30.01 from 31.12, while the shipments index slid to 30.02 from 34.44, and unfilled orders widened to negative 7.23 from negative 1.09, the Fed said. The delivery time index fell to negative 8.43 from negative 1.09, while the inventories index improved to negative 13.25 from negative 19.57.

The prices paid index surged to 40.96 from 28.26, while the prices received index rose to 19.28 from 11.96. The number of employees index jumped to 8.43 from 1.09, while the average employee workweek index dropped to negative 6.02 from negative 1.09, the Fed reported. The capital expenditures expectations index soared to 24.10 from 9.78. The technology spending index fell to 4.82 from 10.87.

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