The Empire State Manufacturing Survey “indicates that manufacturing activity in New York worsened for a third consecutive month in July,” the Federal Reserve Bank of New York reported yesterday. The general business conditions index remained in negative territory, but improved to negative 4.92 in July from a negative 8.93 reading in June, the Fed reported.
Economists surveyed by IFR Markets had expected the index would be negative 7.00.
The new orders index reversed to positive 8.27 from negative 5.48, while the shipments index rose to positive 13.54 from negative 6.54, and unfilled orders narrowed to negative 8.42 from negative 10.47.
The prices paid index rose to 77.89 from 66.28, and the prices received index surged to 32.63 from 26.74. The number of employees index decreased to negative 6.32 from positive 1.16, and the average employee workweek index fell to negative 8.42 from negative 2.33, the Fed reported.
Looking six months into the future, the general business conditions index fell to 15.55 from 32.17 last month. The capital expenditures expectations index dropped to 11.58 from 22.09. The technology spending index decreased to 6.32 from 9.30.