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NY Fed: Economic conditions improve significantly

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NY Fed:  Economic conditions improve significantly

Index increases to highest level in more than four years.

The July 2014 Empire State Manufacturing Survey, released today by the Federal Reserve Bank of New York, indicated that business conditions improved significantly for a third consecutive month for New York manufacturers. The headline general business conditions index climbed six points to 25.6, its highest level in more than four years.

"Business conditions improved significantly for a third consecutive month for New York manufacturers."

Analysts had expected the index to come in at 17.

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The new orders index was little changed at 18.8, while the shipments index rose nine points to 23.6; both indexes were at multiyear highs. The unfilled orders index fell six points to -6.8.

The indexes for both prices paid and prices received were higher this month, indicating a pickup in the pace of price increases. Labor market conditions continued to improve, with indexes pointing to a solid increase in employment levels and a slight increase in hours worked.

Although many of the indexes for the six-month outlook were significantly lower, conditions overall were expected to continue improving in the months ahead.

 

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