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Sunday, May 24, 2020
HomeNewsEconomyEmpire State Manufacturing Survey Stages Mixed Recovery in July

Empire State Manufacturing Survey Stages Mixed Recovery in July

Manufacturing industry production concept, depicting factory production on a conveyor belt with factory operational workers in uniform. (Photo: AdobeStock)

The New York Federal Reserve Empire State Manufacturing Survey staged a mixed recovery in July, rebounding stronger than the forecast from -8.6 in June to 4.3. New orders climbed from -12.0 to -1.5.

IndicatorPriorConsensus ForecastForecast RangeReading
General Business Conditions Index-8.6 0.8 -4.0 to 7.0 4.3 
Expectations Index25.730.8

Thirty percent (30%) of respondents reported business conditions for manufacturing firms improved in July, while 26% reported that conditions worsened.

The employment index fell further by 6 points to -9.6, pointing to a decline in employment levels. The average workweek index came in at 3.8, indicating somewhat longer workweeks.

But the index for future business conditions rose another five points to 30.8, indicating a stronger reading next month. The index for future new orders also moved higher, suggesting an expected climb out of contraction next month.

In another positive, the capital expenditures index — which declined significantly last month — rose 9 points to 19.0, and the technology spending index ticked up to 14.6.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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