Wednesday, August 15, 2018

Earlier from the NY Fed: Manufacturing "Business activity remained robust in New York State"

by Bill McBride on 8/15/2018 01:11:00 PM

From the NY Fed: Empire State Manufacturing Survey

Business activity remained robust in New York State, according to firms responding to the August 2018 Empire State Manufacturing Survey. The headline general business conditions index climbed three points to 25.6. New orders and shipments grew strongly, and firms reported an increase in unfilled orders. Delivery times continued to lengthen, and inventories held steady. Labor market indicators pointed to solid gains in employment and longer workweeks. Price indexes were little changed and remained elevated, indicating ongoing significant price increases. Looking ahead, firms stepped up their capital spending plans and were fairly optimistic about the six-month outlook.

The index for number of employees edged lower, but at 13.1, pointed to a pickup in employment levels. The average workweek index was 8.9, indicating a modest increase in hours worked.
emphasis added
This was above the consensus forecast and a solid reading.