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New York manufacturing activity falls

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New York manufacturing activity falls

New York Fed report indicates contraction in the manufacturing sector.

According to the New York Federal Reserve, manufacturing activity in the state of New York fell in August, moving into contraction territory and prompting new concerns about the overall state of the economy.

The August 2016 Empire State Manufacturing Survey saw the general business conditions index come in at -4.2 (readings below 0 indicates contraction), a 5-point decrease from July’s positive 1.2.

Analysts had expected an increase to 2.50.

The new orders index remained near zero, indicating that the level of new orders stayed consistent with July’s activity.

One bit of good news came in the form of expanding shipments activity, with the shipments index rising 8 points to 9.0.

Labor market indicators pointed to little change in employment levels and hours worked, while the prices paid index edged down to 15.5, suggesting that input price increases remained moderate, and at 2.1, the prices received index reflected a minute increase in selling prices.

Forward-looking indicators suggested that firms expected conditions to improve over the next six months, although the level of optimism diminished for a second consecutive month.

 

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