Monday, August 17, 2020

NY Fed: Manufacturing "Business activity edged slightly higher in New York State" in August

by Calculated Risk on 8/17/2020 08:33:00 AM

From the NY Fed: Empire State Manufacturing Survey

Business activity edged slightly higher in New York State, according to firms responding to the August 2020 Empire State Manufacturing Survey. The headline general business conditions index fell fourteen points to 3.7, signaling a slower pace of growth than in July. New orders were little changed, and shipments increased modestly. Unfilled orders were down, and inventories declined. Employment inched higher, while the average workweek declined.
The index for number of employees edged up to 2.4, indicating that employment levels inched slightly higher. The average workweek index fell four points to -6.8, pointing to a decline in hours worked.
emphasis added
This was well below expectations, and showed activity increased slightly in August.