Selling prices continued to rise moderately, while business activity expanded almost as briskly as in June, the Empire State Manufacturing Survey, released Monday by the Federal Reserve Bank of New York, suggested.
“The prices paid index retreated ten points from last month’s measure, just below May’s multiyear high, but remained elevated at 42.7,” the report said. “The prices received index was little changed at 22.2, signaling ongoing moderate rises in selling prices.”
The general business conditions index slid to 22.6 in July from 25.0 in June.
Economists surveyed by IFR Markets had expected the index would be 22.0.
The new orders index dropped to 18.2 from 21.3, while the shipments index fell to 14.6 from 23.5, and unfilled orders decreased to zero from 9.3, the Fed said.
The delivery time index declined to 6.0 from 13.2, while the inventories index reversed to negative 4.3 from positive 5.4 in the prior survey. The prices paid index plunged to 42.7 from 52.7, while the prices received index dipped to 22.2 from 23.3. The number of employees index decreased to 17.2 from 19.0, while the average employee workweek index dropped to 5.6 from 12.0, the Fed reported.
Looking six months into the future, the general business conditions index slumped to 31.1 from 38.9 last month. The new orders index increased to 37.2 from 33.4, while the shipments index fell to 33.5 from 40.7, and unfilled orders declined to 6.0 from 7.8, the Fed said. The delivery time index dropped to 1.7 from 5.4, while the inventories index climbed to 14.5 from 10.1.
The prices paid index dipped to 48.7 from 51.2, while the prices received index rose to 28.2 from 27.1. The number of employees index slid to 24.2 from 25.9 while the average employee workweek index gained to 4.3 from 1.6, the Fed reported. The capital expenditures index decreased to 17.1 from 27.1. The technology spending index fell to 9.4 from 17.1.
