by Calculated Risk on 7/17/2017 08:34:00 AM

From the NY Fed: Empire State Manufacturing Survey

Business activity grew modestly in New York State, according to firms responding to the July 2017 Empire State Manufacturing Survey. The headline general business conditions index fell ten points to 9.8. The new orders index moved down to 13.3, and the shipments index fell to 10.5, suggesting that orders and shipments continued to grow, though at a somewhat slower pace than in June. ...
...
The index for number of employees fell for a third consecutive month, though it remained positive at 3.9 — a sign that employment was growing, but not as rapidly as in earlier months. The average workweek index fell to zero, indicating that hours worked remained the same. ...

Indexes assessing the six-month outlook remained favorable, though firms were somewhat less optimistic about future conditions than in June.
emphasis added

This was below the consensus forecast of a reading of 15.0.