The Federal Reserve Bank of New York reported today that its Empire State Manufacturing Survey general business-conditions index climbed more than six points to 25.9 in July, its highest level in more than four years.
In its news release, the New York Fed said business conditions “improved significantly” for a third consecutive month for New York manufacturers.
The index in May rose nearly 18 points to 19.0, its highest level in nearly four years and then inched up 0.3 points to 19.3 in June.
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The survey found 41 percent of respondents reported that conditions had improved over the month, while 15 percent reported that conditions had worsened.
The new-orders index was “little changed” at 18.8, while the shipments index rose nine points to 23.6, according to the New York Fed. Both indexes were at “multiyear highs,” it added.
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, the New York Fed said.
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,” the responding manufacturers expected conditions overall to continue improving in the months ahead, according to the New York Fed.
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
