Surveys gauging manufacturing growth or contraction in Empire State. (REUTERS)
The New York Federal Reserve said Wednesday the Empire State Manufacturing Survey, a gauge of manufacturing activity in the Northeast, expanded slightly in June. The headline general business conditions index increased by 15 points to 6.0, climbing out of contraction territory (-9.02).
The new orders index and the shipments index rose from negative values to 10.9 and 9.3, respectively—a sign that orders and shipments were increasing after last month’s decline. The inventories index fell to -15.3, indicating that inventories were lower, and the employment index was zero, signaling that employment counts were unchanged.
The prices paid index held steady at 18.4, suggesting that moderate input price increases were continuing, and the prices received index was near zero, indicating that selling prices were stable. Firms were more optimistic about the six-month outlook this month, and capital spending plans picked up.
The employment index was largely unchanged, but tilted negative. It came in at a reading of zero, suggesting that employment levels remained flat, which we’ve seen now as a pattern since February. At -5.1, the average workweek index showed that hours worked declined this month.
