Monday, July 16, 2018

Earlier from the NY Fed: Manufacturing "Business activity continued to grow at a fairly brisk pace in New York State"

by Bill McBride on 7/16/2018 10:48:00 AM

From the NY Fed: Empire State Manufacturing Survey

Business activity continued to grow at a fairly brisk pace in New York State, according to firms responding to the July 2018 Empire State Manufacturing Survey. The headline general business conditions index edged down by over two points to 22.6—still a high level, suggesting a continuation of robust growth. The new orders index dipped three points to 18.2, while the shipments index fell nine points to 14.6, pointing to a modest pullback in growth of orders and shipments.

The index for number of employees, which had climbed to its highest level of the year in June, edged back two points to 17.2, pointing to ongoing moderate growth in employment. The average workweek index fell six points to 5.6, suggesting more modest increases in hours worked than in recent months.
emphasis added
This was slightly above the consensus forecast and a solid reading.