The Federal Reserve Bank of New York reported today that its Empire State Manufacturing Survey general business-conditions index fell 11 points to 14.7 in August.
The index figure of 25.9 in July represented its highest level in more than four years, according to the New York Fed.
Despite the decline in that index, the New York Fed indicated that business conditions “improved for a fourth consecutive month” for New York manufacturers, although the improvement was “less widespread” than in the July survey.
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The survey found 31 percent of respondents reported that conditions had improved over the month, while 17 percent reported that they had worsened.
The New York Fed also posted details on additional survey components on its website.
The new-orders index slipped almost five points to 14.1, while the shipments index edged up a point to 24.6, a “multiyear high.”
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, according to the New York Fed.
Labor-market conditions were mixed, with the employment index declining “slightly,” with 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 those indexes reached “multi-year highs,” signaling “increasingly widespread optimism” about the near-term outlook, the New York Fed said on its website.
The New York Fed distributes the Empire State Manufacturing Surveyon the first day of each month to the same pool of about 200 manufacturing executives in New York.
On average, about 100 executives return responses, it says.
Contact Reinhardt at ereinhardt@cnybj.com
