Business activity flattened out for New York manufacturers in July, the Federal Reserve Bank of New York’s Empire State Manufacturing Survey shows.
After rising above zero last month, the general business conditions index fell back five points to 0.6. Thirty-one percent of respondents reported that conditions had improved over the month, while 30 percent reported that conditions had worsened.
The new orders index fell 13 points to -1.8, while the shipments index fell nine points to 0.7. The unfilled orders index edged down to -12.1, and the delivery time index moved up to 3.3. The inventories index remained negative at -8.8.
The employment index dropped four points to -4.4, and at -5.5, the average workweek index showed that hours worked moved lower.
The prices paid index was little changed at 18.7, while the prices received index edged up to 1.1.
The index for future business conditions fell six points to 29.2. The index for future employment was near zero and the index for the expected average workweek fell into negative territory. The capital expenditures index was unchanged at 11.0, and the technology spending index jumped ten points to 14.3.
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