Tags: NY | Fed | Manufacturing | Contracts

NY Fed Manufacturing Contracts for Third Month in August

Monday, 15 Aug 2011 10:12 AM

A gauge of manufacturing in New York State showed the sector contracted for the third month in a row in August, as new orders fell to their lowest level since November 2010, the New York Federal Reserve said in a report on Monday.

The New York Fed's "Empire State" general business conditions index fell to negative 7.72 from negative 3.76 the month before.

Economists polled by Reuters had expected a reading of zero.

The survey of manufacturing plants in the state is one of the earliest monthly guideposts to U.S. factory conditions.

New orders worsened to negative 7.82 from negative 5.45, while inventories fell to negative 7.61 from negative 5.56.

Employment gauges showed a slight improvement. The index for the number of employees inched up to 3.26 from 1.11, and the average employee workweek index rose to negative 2.17 from negative 15.56.

Prices paid eased, falling to 28.26 from 43.33. The index was at its lowest level since November 2010.

The outlook for the months to come also deteriorated, falling to its lowest level since February 2009. The index of business conditions six months ahead tumbled to 8.70 from 32.22.

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Economy
A gauge of manufacturing in New York State showed the sector contracted for the third month in a row in August, as new orders fell to their lowest level since November 2010, the New York Federal Reserve said in a report on Monday. The New York Fed's Empire State general...
NY,Fed,Manufacturing,Contracts
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2011-12-15
Monday, 15 Aug 2011 10:12 AM
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