The Empire State Manufacturing Survey showed manufacturing activity "deteriorated" in New York State, the Federal Reserve Bank of New York reported Wednesday as the general business conditions index dropped to negative 5.85 in August from positive 7.39 in July.
Economists surveyed by Thomson Reuters had expected the index would dip to positive 7.00.
The new orders index slid to negative 5.50 from negative 2.69, while the shipments index fell to 4.09 from 10.28, and unfilled orders climbed to negative 10.59 from negative 13.58, the Fed said.
The delivery time index fell to negative 7.06 from negative 1.23, while the inventories index decreased to negative 8.24 from zero in the prior survey. The prices paid index grew to 16.47 from 7.41, while the prices received index declined to 2.35 from 3.70. The number of employees index dipped to 16.47 from 18.52, while the average employee workweek index rose to 3.53 from zero, the Fed reported.
Looking six months into the future, the general business conditions index decreased to 15.20 from 20.20 last month. The new orders index fell to 2.35 from 13.58, while the shipments index slid to 8.24 from 14.81, and unfilled orders slumped to negative 10.59 from negative 6.17, the Fed said. The delivery time index improved to negative 10.59 from negative 12.35, while the inventories index inched up to negative 9.41 from negative 9.88.
The prices paid index slipped to 31.76 from 35.80, while the prices received index fell to 14.12 from 16.05. The number of employees index dropped to 3.53 from 6.17, while the average employee workweek index decreased to negative 8.24 from negative 4.94, the Fed reported. The capital expenditures expectations index slipped to 12.94 from 19.75. The technology spending index fell to 5.88 from 18.52.
