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.
Economists expected the index would rise to positive 5.00.
The new orders index dropped to negative 5.45 from negative 3.61.
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.
The prices paid index fell to 51.11 from 55.10, while the prices received index rose to 30.00 from 19.39.
The capital expenditures expectations index decreased to 22.22 from 26.53. The technology spending index fell to 12.22 from 14.29.