New York Manufacturing Activity Unexpectedly Grows At Faster Rate
15 August 2018 - 11:45AM
RTTF2
New York manufacturing activity remained robust in the month of
August, according to a report released by the Federal Reserve Bank
of New York on Wednesday.
The New York Fed said its general business conditions index
climbed to 25.6 in August from 22.6 in July, with a positive
reading indicating growth in the manufacturing sector. Economists
had expected the index to dip to 20.0.
The unexpected increase by the headline index was partly due to
an acceleration in the rate of shipment growth, as the shipments
index jumped to 25.7 in August from 14.6 in July.
On the other hand, the report said the new orders index edged
down to 17.1 in August from 18.2 in July, indicating a modest
slowdown in the pace of new orders growth.
The number of employees index also fell to 13.1 in August from
17.2 in July, although the New York Fed said labor market
indicators still point to solid gains in employment.
While the report also said the prices received index dipped to
20.0 in August from 22.2 in July, the prices received index rose to
45.2 from 42.7.
Looking ahead, the New York Fed said firms remain moderately
optimistic about the six-month outlook, though less so than earlier
this year. The index for future business conditions climbed to 34.8
in August from 31.1 in July.
The Federal Reserve Bank of Philadelphia is scheduled to release
its report on regional manufacturing activity in the month of
August on Thursday.
The Philly Fed Index is expected to drop to 22.0 in August from
25.7 in July, although a positive reading would still indicate
growth.
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