New York state factory activity tumbles to lowest since 2009: NY Fed
[NEW YORK] Manufacturing activity in New York state plunged to its weakest level in August since 2009 due to steep drops in new orders and shipments, although optimism on future business improved, a New York Federal Reserve survey showed on Monday.
The New York Fed's Empire State general business conditions index tumbled from 3.86 in July to -14.92 in August, its lowest since April 2009.
Economists polled by Reuters had expected the index to rise to 5.00 this month. A reading above zero indicates expansion.
The survey's index on future business conditions, however, rose to 33.64 from 27.04 in July.
The survey of manufacturing plants in the state is one of the earliest monthly guideposts to US factory conditions.
The new orders index was in negative territory for a third month at -15.70 from -3.50 in July, while shipment activity declined to -13.79 from 7.88 in July.
The survey's gauge on the average employee workweek dropped to -1.82 from 4.26 and the index for the number of employees fell to 1.82 from 3.19.
The prices paid index fell to 7.27 from 7.45 July, while prices received fell to 0.91 from 5.32 the previous month.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
US law firm Mayer Brown to split from Hong Kong partnership
US labour costs rise by most in a year as productivity cools
US trade deficit narrows slightly in March
Canada posts surprise trade deficit as gold exports fell in March
OECD upgrades global growth outlook as US outperforms
US weekly jobless claims unchanged; layoffs decline in April