The Empire State Manufacturing Survey showed conditions "continued to improve for New York manufacturers, but the improvement was less widespread than in the previous month," the Federal Reserve Bank of New York reported Friday as the general business conditions index dropped to 14.69 in August from 25.60 in July.
Economists surveyed by Thomson Reuters had expected the index would be 20.00.
The new orders index decreased to 14.14 from 18.77, while the shipments index gained to 24.59 from 23.64, and unfilled orders widened to negative 7.95 from negative 6.82, the Fed said.
The delivery time index declined to negative 5.68 from negative 1.14, while the inventories index slid to negative 14.77 from negative 3.41 in the prior survey. The prices paid index rose to 27.27 from 25.00, while the prices received index grew to 7.95 from 6.82. The number of employees index slipped to 13.64 from 17.05, while the average employee workweek index rose to 7.95 from 2.27, the Fed reported.
Looking six months into the future, the general business conditions index increased to 46.76 from 28.47 last month. The new orders index surged to 50.44 from 25.57, while the shipments index jumped to 54.48 from 24.59, and unfilled orders reversed to positive 2.27 from negative 12.50, the Fed said. The delivery time index gained to zero from negative 6.82, while the inventories index rebounded to positive 9.09 from negative 4.55.
The prices paid index rose to 42.05 from 37.50, while the prices received index grew to 21.59 from 18.18. The number of employees index climbed to 22.73 from 17.05, while the average employee workweek index bounced to zero from negative 4.55, the Fed reported. The capital expenditures expectations index gained to 18.18 from 9.09. The technology spending index rose to 12.50 from 10.23.
