NEW YORK - The Empire State Manufacturing Survey showed “conditions for New York manufacturers continued to worsen,” the Federal Reserve Bank of New York reported Monday, as the general business conditions index declined to negative 7.72 in August from negative 3.76 in July, the Fed reported.
Economists surveyed by Thomson Reuters had expected the index would rise to zero.
The new orders index dropped to negative 7.82 from negative 5.45, while the shipments index increased to 3.01 from 2.22, and unfilled orders fell to negative 15.22 from negative 12.22, the Fed said.
The delivery time index dropped to zero from 1.11, while the inventories index decreased to negative 7.61 from negative 5.56 in the prior survey. The prices paid index slid to 28.26 from 43.33, while the prices received index slumped to 2.17 from 5.56. The number of employees index increased to 3.26 from 1.11, while the average employee workweek index narrowed to negative 2.17 from negative 15.56, the Fed reported.
Looking six months into the future, the general business conditions index fell to 8.70 from 32.22 last month. The new orders index slid to 6.52 from 25.56, while the shipments index slumped to 7.61 from 30.00, and unfilled orders reversed to negative 6.52 from positive 5.56, the Fed said. The delivery time index dropped to negative 5.43 from positive 6.67, while the inventories index climbed to 7.61 from 1.11.
The prices paid index fell to 42.39 from 51.11, while the prices received index slid to 15.22 from 30.00. The number of employees index dropped to 6.52 from 17.78, while the average employee workweek index decreased to negative 4.35 from positive 2.22, the Fed reported. The capital expenditures expectations index decreased to 8.70 from 22.22. The technology spending index fell to 2.17 from 12.22.
