NY Factories Improved in August But Slower Than Expected

Business conditions for manufacturers in New York state improved in August albeit at a slower pace than expected, the New York Federal Reserve said in a report on Friday.

The New York Fed’s “Empire State” general business conditions index fell to 14.69 from July’s 25.60, which was the highest since April 2010.

Economists polled by Reuters had expected a reading of 20.0 this month. A reading above zero indicates expansion.

New orders fell to 14.14 from 18.77, while inventories continued to shrink, at -14.77 from -3.41.

The pace of growth in employment gauges was mixed, with the index for the number of employees down to 13.64 from 17.05 while the average employee workweek index rose to 7.95 from 2.27.

The index of business conditions six months ahead soared to 46.76 in August, the highest in 2-1/2 years, from 28.47 in July.

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

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza