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New York manufacturing activity plunges

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New York manufacturing activity plunges

Activity lowest in 6 years.

According to the New York Federal Reserve, manufacturing activity in the state of New York fell to its lowest level in 6 years.

The August 2015 Empire State Manufacturing Survey saw the general business conditions index tumbling nineteen points to -14.9, its lowest level since 2009.  (Readings below 0 indicates contraction.)

Analysts had expected an increase to 5.0.

The new orders and shipments indexes also fell sharply, to -15.7 and -13.8 respectively, pointing to a marked decline in both orders and shipments.

The inventories index dropped to -17.3, signaling that inventory levels were lower.

Price indexes showed that input prices were slightly higher, while selling prices were flat.

Labor market indicators suggested that employment levels and hours worked were little changed.

Indexes for the six-month outlook registered somewhat greater optimism than in July, with the future general business conditions index rising seven points to 33.6.

 

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