The Empire State Manufacturing Survey showed "conditions for New York manufacturers continued to worsen," the Federal Reserve Bank of New York reported Monday, as the general business conditions index declined to negative 7.72 in August from negative 3.76 in July.
Economists expected the index to rise to zero.
The new orders index dropped to negative 7.82 from negative 5.45, while the shipments index increased to 3.01 from 2.22, and unfilled orders fell to negative 15.22 from negative 12.22, the Fed said.
Looking six months into the future, the general business conditions index fell to 8.70 from 32.22 last month. The new orders index slid to 6.52 from 25.56, while the shipments index slumped to 7.61 from 30.00, and unfilled orders reversed to negative 6.52 from positive 5.56, the Fed said. The capital expenditures expectations index decreased to 8.70 from 22.22. The technology spending index fell to 2.17 from 12.22.