New York Manufacturing Index Remains Negative In August
2024-08-09
3370
(fxcue news) - New York manufacturing activity edged slightly lower in the month of August, the Federal Reserve Bank of New York revealed in a report on Thursday.
The New York Fed said its general business conditions index rose to a negative 4.7 in August from a negative 6.6 in July, but a negative reading still indicates contraction. Economists had expected the index to inch up to a negative 6.0.
The report said the new orders index tumbled to a negative 7.9 in August from a negative 0.6 in July, pointing to a decline in orders.
The shipments index also fell to 0.3 in August from 3.9 in July, suggesting shipments were flat during the month.
Meanwhile, the number of employees index crept up to a negative 6.7 in August from a negative 7.9 in July, although the negative reading points to another month of employment reductions.
The report also said the prices paid index dipped to 23.4 in August from 26.5 in July, while the prices received index rose to 8.5 in August from 6.1 in July.
Looking ahead, the New York Fed said firms remained fairly optimistic that conditions would improve in the months ahead. The index for future business conditions slipped to 22.9 in August from 25.8 in July.
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