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New York Fed: Manufacturing activity loses steam

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General business index falls eleven points from last month.

The August 2014 Empire State Manufacturing Survey, released today by the Federal Reserve Bank of New York,  indicates that business conditions worsened for New York manufacturers last month.

The general business conditions index fell to 14.7, compared with July’s robust 25.6. Readings over 0 indicate expansion.

Analysts had expected the index to fall to 20.0

The decrease in overall manufacturing activity was driven largely by new orders, the index for which fell almost five points to 14.1.

The unfilled orders index inched down one point to -8.0. The indexes for both prices paid and prices received were up slightly, indicating a marginal pickup in the pace of price increases. Labor market conditions were mixed, with the employment index declining slightly but the index for hours worked rising modestly.

Most of the indexes for the six-month outlook rebounded sharply, after slipping in the July survey; a number of them reached multiyear highs, signaling increasingly widespread optimism about the near-term outlook.

For the full report, click here.

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