The New York Federal Reserve’s Empire State Manufacturing Survey unexpectedly ticked slightly higher (0.5) in August to 4.5, beating the forecast. New orders increased after two straight months of declines.
Twenty-seven percent (27%) of respondents said conditions improved over the month, while 22% reported that conditions had worsened.
|Prior||Consensus Forecast||Forecast Range||Actual|
|General Business Conditions Index – Level||4.3||2.5||-2.5 to 6.0||4.8|
The new orders index climbed back above zero to 6.7. The shipments index increased slightly to 9.3. Unfilled orders fell for a third straight month, while delivery times were steady and inventories rose for the first time since April.