New York manufacturing index holds steady in June

The Federal Reserve Bank of New York reported today that its Empire State Manufacturing Survey general business-conditions index inched up 0.3 points to 19.3 in June.

The index in May rose nearly 18 points to 19.0, its highest level in nearly four years.

Following that sharp rise, economists and analysts had been expecting the index to pull back several points in June, according to Yahoo Finance data, but it didn’t happen.

The June survey found that 40 percent of New York manufacturers reported that conditions had improved over the last month, while 21 percent said that conditions had worsened, the New York Fed said in a news release.

The survey also found the new-orders index climbed eight points to 18.4, its highest level in four years.

The unfilled-orders index held steady at a level close to zero.

The indexes for both prices paid and prices received were slightly lower, indicating a “slowing” in the pace of price increases, according to the New York Fed.

Labor-market conditions continued to improve, with indexes pointing to a “modest” increase in employment levels and hours worked.

Indexes for the six-month outlook remained “highly optimistic,” with the future new orders and shipments indexes recording “notable” gains, the New York Fed said.

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