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- Manufacturing activity in the New York region improves modestly in August
Manufacturing activity in the New York region improves modestly in August
Manufacturing
activity in the New York region improves modestly in August
The report from
the New York Federal Reserve showed on Thursday that manufacturing activity in
the New York region improved modestly in August.
According to
the survey, NY Fed Empire State manufacturing index came in at 4.80 this month
compared to an unrevised 4.30 in July, pointing to two months of modest growth
after a brief decline in activity in June.
Economists had
expected the index to come in at 3.0.
Anything below
zero signals contraction.
According to
the report, the new orders index came in at +6.7, returning into positive territory
after declining for the prior two months, while the shipments index rose slightly
to 9.3, pointing to an increase in shipments. Meanwhile, unfilled orders
dropped for a third consecutive month, delivery times were steady, and
inventories increased for the first time since April. The index for number of
employees was slightly below zero at -1.6, pointing to ongoing sluggishness in employment
levels. On the price front, input prices rose at a slightly slower pace than last
month, and selling price increases were little changed.
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