NEW YORK - The Empire State Manufacturing Survey showed “while conditions for New York manufacturers continued to improve in July, the pace of growth in business activity slowed substantially over the month,” the Federal Reserve Bank of New York today reported, as the general business conditions index slumped to 5.08 in the month from 19.57 in June, the Fed reported.
Economists surveyed by Thomson Reuters had expected the index would be 18.75.
The new orders index slid to 10.13 from 17.53, while the shipments index fell to 6.31 from 19.67, and unfilled orders widened to negative 15.87 from negative 1.23, the Fed said.
The delivery time index reversed to negative 7.94 from positive 9.88, while the inventories index increased to positive 6.35 from negative 1.23 in the prior survey. The prices paid index slid to 25.40 from 27.16, while the prices received index fell to negative 1.59 from positive 4.94. The number of employees index declined to 7.94 from 12.35, while the average employee workweek index dropped to negative 9.52 from positive 8.64, the Fed reported.
Looking six months into the future, the general business conditions index increased to 41.27 from 40.74 last month. The new orders index slipped to 34.92 from 38.27, while the shipments index declined to 31.75 from 37.04, and unfilled orders fell to 4.76 from 6.17, the Fed said. The delivery time index dropped to negative 3.17 from zero, while the inventories index narrowed to zero from negative 1.23.
The prices paid index dipped to 41.27 from 41.98, while the prices received index fell to 17.46 from 28.40. The number of employees index plunged to 14.29 from 28.40, while the average employee workweek index decreased to negative 1.59 from positive 6.17, the Fed reported. The capital expenditures expectations index dropped to 14.29 from 28.40. The technology spending index decreased to 4.76 from 13.58.
