NEW YORK - The Empire State Manufacturing Survey showed “conditions improved modestly in August for New York manufacturers,” the Federal Reserve Bank of New York today reported, as the general business conditions index climbed to 7.10 in the month from 5.08 in July, the Fed reported.
Economists surveyed by Thomson Reuters had expected the index would be 8.00.
The new orders index slid to negative 2.71 from positive 10.13, while the shipments index fell to negative 11.50 from positive 6.31, and unfilled orders narrowed to negative 10.00 from negative 15.87, the Fed said.
The delivery time index bounced to zero from negative 7.94, while the inventories index decreased to 2.86 from 6.35 in the prior survey. The prices paid index slid to 20.00 from 25.40, while the prices received index fell to negative 2.86 from negative 1.59. The number of employees index surged to 14.29 from 7.94, while the average employee workweek index soared to positive 7.14 from negative 9.52, the Fed reported.
Looking six months into the future, the general business conditions index decreased to 35.71 from 41.27 last month. The new orders index slipped to 31.43 from 34.92, while the shipments index declined to 25.71 from 31.75, and unfilled orders fell to 4.29 from 4.76, the Fed said. The delivery time index dropped to negative 5.71 from negative 3.17, while the inventories index increased to 2.86 from zero.
The prices paid index dropped to 30.00 from 41.27, while the prices received index rose to 22.86 from 17.46. The number of employees index rebounded to 20.00 from 14.29, while the average employee workweek index reversed to positive 7.14 from negative 1.59, the Fed reported. The capital expenditures expectations index jumped to 22.86 from 14.29. The technology spending index increased to 8.57 from 4.76.
