The Empire State Manufacturing Survey showed "business activity in New York State declined slightly this month," the Federal Reserve Bank of New York reported Monday, as the general business conditions index slipped to negative 4.21 in August from positive 0.55 in July.
Economists surveyed by Thomson Reuters had expected the index would be 2.5.
The new orders index grew to positive 1.04 from negative 1.82, while the shipments index soared to 9.01 from 0.70, and unfilled orders narrowed to negative 9.28 from negative 12.09, the Fed said.
The delivery time index reversed to negative 4.12 from positive 3.30, while the inventories index narrowed to negative 4.12 from negative 8.79 in the prior survey. The prices paid index declined to 15.46 from 18.68, while the prices received index rose to 2.06 from 1.10. The number of employees index improved to negative 1.03 from negative 4.40, while the average employee workweek index gained to positive 2.06 from negative 5.49, the Fed reported.
Looking six months into the future, the general business conditions index slid to 23.74 from 29.24 last month. The new orders index fell to 27.37 from 29.05, while the shipments index decreased to 27.95 from 29.84, and unfilled orders increased to negative 1.03 from negative 2.20, the Fed said. The delivery time index improved to positive 2.06 from negative 5.49, while the inventories index reversed to positive 3.06 from negative 5.15.
The prices paid index slipped to 25.77 from 26.37, while the prices received index rose to 9.28 from 7.69. The number of employees index fell to negative 6.19 from positive 1.10, while the average employee workweek index climbed to negative 5.15 from negative 6.59, the Fed reported. The capital expenditures expectations index fell to 4.12 from 10.99. The technology spending index decreased to 5.15 from 14.29.
