NEW YORK - The Empire State Manufacturing Survey showed “conditions for New York manufacturers deteriorated for a second consecutive month,” the Federal Reserve Bank of New York reported Friday, as the general business conditions index improved to negative 3.76 in July from negative 7.79 in June, the Fed reported.
Economists surveyed by Thomson Reuters had expected the index would rise to positive 5.00.
The new orders index dropped to negative 5.45 from negative 3.61, while the shipments index reversed to positive 2.22 from negative 8.02, and unfilled orders fell to negative 12.22 from zero, the Fed said.
The delivery time index reversed to positive 1.11 from negative 3.06, while the inventories index decreased to negative 5.56 from positive 1.02 in the prior survey. The prices paid index slid to 43.33 from 56.12, while the prices received index slumped to 5.56 from 11.22. The number of employees index decreased to 1.11 from 10.20, while the average employee workweek index plunged to negative 15.56 from negative 2.04, the Fed reported.
Looking six months into the future, the general business conditions index rose to 32.22 from 22.45 last month. The new orders index grew to 25.56 from 15.31, while the shipments index jumped to 30.00 from 17.35, and unfilled orders reversed to positive 5.56 from negative 9.18, the Fed said. The delivery time index climbed to 6.67 from 2.04, while the inventories index surged to positive 1.11 from negative 9.18.
The prices paid index fell to 51.11 from 55.10, while the prices received index rose to 30.00 from 19.39. The number of employees index gained to 17.78 from 6.12, while the average employee workweek index increased to positive 2.22 from negative 2.04, the Fed reported. The capital expenditures expectations index decreased to 22.22 from 26.53. The technology spending index fell to 12.22 from 14.29.
