The Empire State Manufacturing Survey general business-conditions index slipped 10 points in July to 9.8, erasing almost half of the previous month’s gain when the index soared to a nearly three-year high.
The manufacturing index had risen 21 points in June to 19.8, its highest level since September 2014.
A positive index reading indicates expansion or growth in manufacturing activity, while a negative number points to a decline in the sector.
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The results of the July survey indicate that business activity “grew modestly” for New York manufacturers, the Federal Reserve Bank of New York said in its report issued Monday.
The survey found 30 percent of respondents reported that conditions had improved over the month, while 20 percent of manufacturers said that conditions had worsened.
Survey details
The new-orders index dipped to 13.3, and the shipments index fell to 10.5, suggesting that orders and shipments “continued to grow, though at a somewhat slower pace than in June,” the New York Fed said.
Delivery times continued to “lengthen,” and inventory levels were “fairly steady.”
Labor-market indicators pointed to a “small increase” in employment and no change in hours worked.
Input prices and selling prices rose at “about the same pace” as last month.
Indexes assessing the six-month outlook suggested that firms “remained positive” about future conditions, though they were less optimistic than in June.
The New York Fed distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York. On average, about 100 executives return responses.
Contact Reinhardt at ereinhardt@cnybj.com
VISUAL CREDIT: Federal Reserve Bank of New York website
