Empire State Manufacturing Index Falls To 22.6 In July
Editor's Note: Updating earlier story with more details from report.
(Kitco News) - The Empire State manufacturing survey shows business conditions in New York eased in July although the data overall remained strong, the New York Federal Reserve reported on Monday.
The general business conditions index fell to a reading of 22.6 from 25.0 in June. Economists were looking for a reading of around 22.0.
Still, the reading remains in positive territory, which signals economic growth. In fact, the New York Fed said “business activity continued to grow at a fairly brisk pace,” calling the 22.6 reading “still a high level.”
The index for new orders dipped to 18.2 from 21.3, while the shipments index fell to 14.6 from 23.5. The New York Fed characterized this as a “modest pullback in growth of orders and shipments.”
The index for number of employees pulled back to 17.2 from 19.0, while the one for average workweek declined to 5.6 from 12.0.
The prices paid index slipped 42.7 from 52.7, although the New York Fed said this is “still a fairly high level indicative of widespread ongoing input price pressures.” The index for prices received eased modestly to 22.2 from 23.2.