The Empire State Manufacturing Survey showed "business activity grew modestly in New York State," the Federal Reserve Bank of New York reported Monday, as the general business conditions index slumped to 9.8 in July from 19.8 in June.

Economists surveyed by Thomson Reuters had expected the index would be 15.

The new orders index fell to 13.3 from 18.1, while the shipments index slid to 10.5 from 22.3, and unfilled orders reversed to negative 4.7 from positive 4.6, the Fed said.

The delivery time index dipped to 4.7 from 5.4, while the inventories index declined to 2.4 from 7.7 in the prior survey. The prices paid index grew to 21.3 from 20.0, while the prices received index increased to 11.0 from 10.8. The number of employees index fell to 3.9 from 7.7, while the average employee workweek index dropped to zero from 8.5, the Fed reported.

Looking six months into the future, the general business conditions index slid to 34.9 from 41.7 last month. The new orders index decreased to 33.4 from 42.2, while the shipments index dipped to 33.9 from 35.0, and unfilled orders widened to negative 4.7 from negative 4.6, the Fed said. The delivery time index declined to negative 8.7 from negative 4.6, while the inventories index rebounded to positive 2.4 from negative 3.1.

The prices paid index fell to 30.7 from 33.1, while the prices received index rose to 15.7 from 13.8. The number of employees index slid to 11.8 from 12.3 while the average employee workweek index narrowed to negative 4.7 from negative 5.4, the Fed reported. The capital expenditures index decreased to 15.0 from 20.8. The technology spending index grew to 11.8 from 11.5.

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.