The Empire State Manufacturing Survey “indicates that conditions for New York manufacturers improved marginally in August,” the Federal Reserve Bank of New York reported Friday, as the general business conditions index rebounded into positive territory, improving to positive 2.77 in August from a negative 4.92 in July, the Fed reported.
Economists surveyed by IFR Markets had expected the index would be negative 2.80.
The new orders index reversed to negative 2.20 from positive 8.27.
The prices paid index fell to 65.17 from 77.89, while the prices received index dipped to 32.58 from 32.63. The number of employees index increased to negative 4.49 from negative 6.32, while the average employee workweek index rose to 1.12 from negative 8.42, the Fed reported.
Looking six months into the future, the general business conditions index doubled to 34.58 from 15.55 last month. The new orders index increased to 47.29 from 27.33, while the shipments index jumped to 45.37 from 29.17.
The prices paid index dipped to 69.66 from 74.74, while the prices received index increased to 52.81 from 47.37. The number of employees index rose to 14.71 from 10.62, while the average employee workweek index climbed to 6.74 from 2.11, the Fed reported. The capital expenditures expectations index rose to 14.61 from 11.58. The technology spending index decreased to 5.62 from 6.32.