Surveys gauging manufacturing growth or contraction in Empire State. (REUTERS)
The Empire State Manufacturing Survey, the New York Federal Reserve’s gauge of manufacturing activity in the region, contracted in August. The headline general business conditions index fell five points to -4.2, down from a positive reading in July. The median economic forecast had called for an increase to 2.50.
In the Empire State Manufacturing Survey, one of the regional gauges proceeding the Institute for Supply-Management’s Manufacturing Report on Business, a reading above 0 indicates expansion, while below indicates contraction.
Labor market indicators pointed to little change in employment levels and hours worked. The employment index increased three points to -1.0, suggesting employment levels were little changed and the average workweek index gained to 2.1, pointing to a modest increase in hours worked.
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