The Empire State Manufacturing Survey showed "business activity flattened out for New York manufacturers," the Federal Reserve Bank of New York reported Friday, as the general business conditions index slipped to 0.55 in July from 6.01 in June.
Economists surveyed by Thomson Reuters had expected the index would be 5.0.
The new orders index fell to negative 1.82 from positive 10.90, while the shipments index slid to 0.70 from 9.32, and unfilled orders widened to negative 12.09 from negative 10.20, the Fed said.
The delivery time index revered to positive 3.30 from negative 2.04, while the inventories index narrowed to negative 8.79 from negative 15.31 in the prior survey. The prices paid index crept to 18.68 from 18.37, while the prices received index reversed to positive 1.10 from negative 1.02. The number of employees index fell to negative 4.40 from zero, while the average employee workweek index dropped to negative 5.49 from negative 5.10, the Fed reported.
Looking six months into the future, the general business conditions index slid to 29.24 from 34.84 last month. The new orders index fell to 29.05 from 38.24, while the shipments index increased to 29.84 from 29.13, and unfilled orders increased to negative 2.20 from negative 3.06, the Fed said. The delivery time index improved to negative 5.49 from negative 7.14, while the inventories index reversed to negative 3.30 from positive 3.06.
The prices paid index slipped to 26.37 from 29.59, while the prices received index rose to 7.69 from 7.14. The number of employees index grew to positive 1.10 from negative 2.04, while the average employee workweek index dropped to negative 6.59 from positive 2.04, the Fed reported. The capital expenditures expectations index fell to 10.99 from 11.22. The technology spending index gained to 14.29 from 4.08.
