Liz Kiesche,
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- The Empire State Manufacturing Index fell to -6.60 in July vs. -5.50 consensus and -6.00 in June.
- Business activity continued to decline modestly in New York state in July, with new orders remaining steady as shipments inched up, delivery times shortened, and supply availability was unchanged, the New York Fed said on Monday. Labor market conditions were weak, it added.
- New orders: -0.6 vs. -1.0 prior.
- Shipments: 3.9 vs. 3.3.
- Prices paid: 26.5 vs. 24.5.
- Average employee workweek: -0.1 vs. -9.9.
- Even with July’s decline, respondents were fairly optimistic about the outlook.
- “After climbing sharply last month, the index for future business conditions was just slightly lower at 25.8, with 41% of respondents expecting conditions to improve over the next six months,” the Fed’s report said. “However, the outlook for employment growth remained weak, and capital spending plans remained sluggish.”