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- Manufacturing activity in the New York region slips more than forecast in August
Manufacturing activity in the New York region slips more than forecast in August
The report from
the New York Federal Reserve showed on Monday that manufacturing activity in
the New York region slipped in early August.
According to
the survey, NY Fed Empire State manufacturing index fell from 17.2 in July to
3.7 in August.
Economists had
expected the index to come in at 15.0.
Anything below
zero signals contraction.
According to
the report, new orders index dropped sixteen points to -1.7, indicating that orders
leveled off, and the shipments index
fell twelve points to 6.7, pointing to a modest advance in shipments. Unfilled
orders and inventories also declined. Meanwhile, employment inched higher and
delivery times were steady. On the price front, input prices increased at about
the same pace as last month, while selling prices increased for the first time
in several months.
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