The Empire State Manufacturing Survey showed conditions "improved significantly for a third consecutive month for New York manufacturers," the Federal Reserve Bank of New York reported Tuesday as the general business conditions index climbed to 25.60 in July from 19.28 in June.
Economists surveyed by Thomson Reuters had expected the index would be 17.10.
The new orders index increased to 18.77 from 18.36, while the shipments index gained to 23.64 from 14.15, and unfilled orders widened to negative 6.82 from negative 1.08, the Fed said.
The delivery time index reversed to negative 1.14 from positive 1.08, while the inventories index slid to negative 3.41 from positive 9.68 in the prior survey. The prices paid index rose to 25.00 from 17.20, while the prices received index grew to 6.82 from 4.30. The number of employees index jumped to 17.05 from 10.75, while the average employee workweek index fell to 2.27 from 9.68, the Fed reported.
Looking six months into the future, the general business conditions index decreased to 28.47 from 39.84 last month. The new orders index dropped to 25.57 from 44.52, while the shipments index slumped to 24.59 from 45.15, and unfilled orders widened to negative 12.50 from negative 4.30, the Fed said. The delivery time index slipped to negative 6.82 from negative 5.38, while the inventories index declined to negative 4.55 from positive 6.45.
The prices paid index rose to 37.50 from 36.56, while the prices received index grew to 18.18 from 16.13. The number of employees index dipped to 17.05 from 20.43, while the average employee workweek index fell to negative 4.55 from zero, the Fed reported. The capital expenditures expectations index dipped to 9.09 from 11.83. The technology spending index surged to 10.23 from 3.23.
