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Slower pace for N.Y. manufacturing gains
NEW YORK, The New York Federal Reserve said its general business conditions index fell but remained in positive territory in July.
The headline index, based on a survey taken the first two weeks of each month, dropped 15 points to 5.1, indicating business activity increased for the 12th consecutive month, albeit at a slower pace than a month ago.
The peak for the index this year came in April, when the general business conditions index hit 31.9. Numbers above zero in the index indicate growth.
The new orders index dropped 7 points but remained positive at 10.1. The unfilled orders index, meanwhile, stayed negative, losing 15 points to reach minus 15.9, its lowest level since December.
The inventories index rose from near zero to 6.4, while the number of employees index "drifted downward" the Fed said, falling from 22.4 a month ago to 12.4, suggesting employment levels are still rising, but at about half the pace of the previous month.
NEW YORK, The New York Federal Reserve said its general business conditions index fell but remained in positive territory in July.
The headline index, based on a survey taken the first two weeks of each month, dropped 15 points to 5.1, indicating business activity increased for the 12th consecutive month, albeit at a slower pace than a month ago.
The peak for the index this year came in April, when the general business conditions index hit 31.9. Numbers above zero in the index indicate growth.
The new orders index dropped 7 points but remained positive at 10.1. The unfilled orders index, meanwhile, stayed negative, losing 15 points to reach minus 15.9, its lowest level since December.
The inventories index rose from near zero to 6.4, while the number of employees index "drifted downward" the Fed said, falling from 22.4 a month ago to 12.4, suggesting employment levels are still rising, but at about half the pace of the previous month.
