Conditions for New York manufacturers improved “modestly” for a third consecutive month in July.
That’s according to the August 2013 Empire State Manufacturing Survey that the Federal Reserve Bank of New York released today.
The survey’s benchmark indicator, the general business-conditions index, was “little changed” from last month at 8.2, according to the New York Fed.
The new-orders index slipped four points to 0.3, and the shipments index fell seven points to 1.5, suggesting that both orders and shipments were “flat,” the New York Fed said in a news release.
The survey also found the prices-paid index rose slightly to 20.5, and the prices-received index climbed three points to 3.6.
Labor-market conditions improved, according to the New York Fed.
The index for number of employees climbed eight points to 10.8, and the average-workweek index rose 12 points to 4.8.
Both of these indexes reached their highest levels in a year, the New York Fed said.
Indexes for the six-month outlook generally pointed to “strong” optimism about future-business activity; the future general business-conditions index rose five points to 37.4, its highest level in more than a year.
In response to a series of supplementary questions, manufacturers predicted that overall sales or revenues would be 5 percent higher in 2013 than in 2012.
New York manufacturers expected employment levels and capital spending “to be little changed” from last year, according to the New York Fed.
The New York Fed distributes the survey on 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.
Contact Reinhardt at ereinhardt@cnybj.com