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- Manufacturing activity in the New York region rebounds modestly in July
Manufacturing activity in the New York region rebounds modestly in July
The report from
the New York Federal Reserve showed on Monday that manufacturing activity in
the New York region rebounded modestly in July.
According to
the survey, NY Fed Empire State manufacturing index came in at 4.30 this month
compared to an unrevised -8.60 in June. That marked the headline indicator climbed
out of the negative territory.
Economists had
expected the index to come in at 2.0.
Anything below
zero signals contraction.
According to
the report, the new orders index rose, but remained negative at -1.5., indicating
a decline in orders, and the shipments index moved slightly lower to 7.2,
pointing to a small advance in shipments. Meanwhile, unfilled orders dropped for
a second consecutive month, delivery times were somewhat shorter, and
inventories reduced. The index for a number of employees slid further, dropping
six points to -9.6 (its lowest level in nearly three years), pointing to a
decline in employment levels. On the price front, input price increases
continued to moderate somewhat, while the pace of selling price gains remained
modest.
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