Empire State Manufacturing index jumps in August, prices still high
Selling prices remained elevated, while business activity expanded at a faster pace in August, the Empire State Manufacturing Survey, released Wednesday by the Federal Reserve Bank of New York, suggested.
“Price increases remained elevated,” the report said. “The prices paid index inched up to 45.2, and the prices received index came in at 20.0.”
The general business conditions index grew to 25.6 in August from 22.6 in July.
Economists surveyed by IFR Markets had expected the index would be 20.0.
The new orders index dropped to 17.1 from 18.2, while the shipments index increased to 25.7 from 14.6, and unfilled orders rebounded to 11.1 from zero, the Fed said.
The delivery time index gained to 10.4 from 6.0, while the inventories index climbed to zero from negative 4.3 in the prior survey. The prices paid index grew to 45.2 from 42.7, while the prices received index dipped to 20.0 from 22.2. The number of employees index decreased to 13.1 from 17.2, while the average employee workweek index rose to 8.9 from 5.6, the Fed reported.
Looking six months into the future, the general business conditions index slumped to 34.8 from 31.1 last month. The new orders index declined to 36.0 from 37.2, while the shipments index gained to 37.7 from 33.5, and unfilled orders reversed to negative 3.7 from positive 6.0, the Fed said. The delivery time index dropped to negative 5.2 from positive 1.7, while the inventories index slipped to 5.9 from 14.5.
The prices paid index increased to 53.3 from 48.7, while the prices received index dropped to 26.7 from 28.2. The number of employees index slid to 18.0 from 24.2, while the average employee workweek index fell to zero from 4.3, the Fed reported. The capital expenditures index gained to 26.7 from 17.1. The technology spending index rose to 12.6 from 9.4.