The Empire State Manufacturing Survey showed "business activity improved slightly for New York manufacturers," the Federal Reserve Bank of New York reported Wednesday, as the general business conditions index climbed to positive 3.86 in July from negative 1.98 in June.
Economists surveyed by Thomson Reuters had expected the index would be 3.5.
The new orders index dipped to negative 3.50 from negative 2.12, while the shipments index slipped to 7.88 from 12.01, and unfilled orders widened to negative 7.45 from negative 4.81, the Fed said.
The delivery time index improved to zero from negative 1.92, while the inventories index fell to negative 8.51 from positive 1.92 in the prior survey. The prices paid index slid to 7.45 from 9.62, while the prices received index increased to 5.32 from 0.96. The number of employees index fell to 3.19 from 8.65, while the average employee workweek index gained to 4.26 from 3.85, the Fed reported.
Looking six months into the future, the general business conditions index climbed to 27.04 from 25.84 last month. The new orders index grew to 32.22 from 26.10, while the shipments index rose to 25.44 from 22.11, and unfilled orders inched up to 1.06 from 0.96, the Fed said. The delivery time index narrowed to negative 1.06 from negative 4.81, while the inventories index increased to 11.70 from 17.31.
The prices paid index grew to 27.66 from 24.04, while the prices received index increased to 6.38 from 5.77. The number of employees index fell to 9.57 from 13.46, while the average employee workweek index slid to negative 3.19 from zero, the Fed reported. The capital expenditures expectations index surged to 21.28 from 11.54. The technology spending index soared to positive 10.64 from negative 0.96.
