The Empire State Manufacturing Survey showed "conditions for New York manufacturers continued to improve modestly," the Federal Reserve Bank of New York reported Monday as the general business conditions index rose to 9.46 in July from 7.84 in June.
Economists surveyed by Thomson Reuters had expected the index would be 5.00.
The new orders index rose to positive 3.77 from negative 6.69, while the shipments index increased to positive 8.96 from negative 11.77, and unfilled orders narrowed to negative 8.70 from negative 14.52, the Fed said.
The delivery time index grew to positive 3.26 from negative 6.45, while the inventories index narrowed to negative 6.52 from negative 11.29 in the prior survey. The prices paid index slid to 17.39 from 20.97, while the prices received index dropped to 1.09 from 11.29. The number of employees index rose to 3.26 from zero, while the average employee workweek index improved to negative 7.61 from negative 11.29, the Fed reported.
Looking six months into the future, the general business conditions index increased to 32.01 from 24.98 last month. The new orders index jumped to 31.12 from 19.77, while the shipments index soared to 34.44 from 20.21, and unfilled orders improved to negative 1.09 from negative 8.06, the Fed said. The delivery time index narrowed to negative 1.09 from negative 9.68, while the inventories index dipped to negative 19.57 from negative 6.45.
The prices paid index decreased to 28.26 from 45.16, while the prices received index fell to 11.96 from 17.74. The number of employees index slid to 1.09 from 1.09, while the average employee workweek index improved to negative 1.09 from negative 9.68, the Fed reported. The capital expenditures expectations index gained to 9.78 from 3.23. The technology spending index jumped to positive 10.87 from negative 3.23.
