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Tuesday, June 15, 2010

NY Fed: Manufacturing Conditions improve in June

by Calculated Risk on 6/15/2010 08:30:00 AM

From the NY Fed: Empire State Manufacturing Survey

The Empire State Manufacturing Survey indicates that conditions for New York manufacturers improved in June. The general business conditions index edged up from its May level to 19.6, extending its string of positive readings to eleven months. The new orders and shipments indexes were also positive and higher than their May levels. The inventories index remained near zero for a second straight month, indicating that inventory levels were little changed.
The new orders index rose modestly, to 17.5, and the shipments index climbed to 19.7. The unfilled orders index was negative for a third consecutive month, at -1.2.
The index for number of employees slipped 10 points, to 12.4, and the average workweek index climbed from zero last month to 8.6.
This came in slightly below expectations. This is more evidence that the inventory adjustment is over. Manufacturing continued to improve, although at a somewhat slower pace than earlier this year.