The Empire State Manufacturing Survey showed manufacturing activity "expanded modestly" in New York State, the Federal Reserve Bank of New York reported Monday as the general business conditions index climbed to 7.39 in July from 2.29 in June.
Economists surveyed by Thomson Reuters had expected the index would rise to 4.00.
The new orders index slid to negative 2.69 from positive 2.18, while the shipments index gained to 10.28 from 4.81, and unfilled orders slipped to negative 13.58 from negative 5.15, the Fed said.
The delivery time index fell to negative 1.23 from zero, while the inventories index increased to zero from negative 8.25 in the prior survey. The prices paid index fell to 7.41 from 19.59, while the prices received index increased to 3.70 from 1.03. The number of employees index grew to 18.52 from 12.37, while the average employee workweek index slid to zero from 3.09, the Fed reported.
Looking six months into the future, the general business conditions index decreased to 20.20 from 23.13 last month. The new orders index fell to 13.58 from 15.46, while the shipments index rose to 14.81 from 12.37, and unfilled orders improved to negative 6.17 from negative 8.25, the Fed said. The delivery time index fell to negative 12.35 from negative 1.03, while the inventories index climbed to negative 9.88 from negative 15.46.
The prices paid index gained to 35.80 from 34.02, while the prices received index fell to 16.05 from 17.53. The number of employees index dropped to 6.17 from 16.49, while the average employee workweek index dropped to negative 4.94 from positive 2.06, the Fed reported. The capital expenditures expectations index slipped to 19.75 from 21.65. The technology spending index increased to 18.52 from 12.37.