Monday, August 15, 2016

NY Fed: August "General business conditions index fell five points to -4.2"

by Bill McBride on 8/15/2016 08:33:00 AM

From the NY Fed: Empire State Manufacturing Survey

Business activity in New York State declined slightly this month, according to firms responding to the August 2016 Empire State Manufacturing Survey. The headline general business conditions index fell five points to -4.2.
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The employment index climbed three points to -1.0, indicating that employment levels were little changed, and the average workweek index rose to 2.1, pointing to a slight increase in hours worked.
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Indexes for the six-month outlook revealed that respondents remained optimistic about future conditions, though to a lesser extent than in July. The index for future business conditions fell for a second consecutive month, dropping six points to 23.7.
This was below the consensus forecast of 2.5, and suggests manufacturing contracted in the NY region in August.