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Modest increase in NY manufacturing reported
Manufacturing in New York State grew modestly in July, according to the Empire Manufacturing Survey, a monthly report of state manufacturing released by the Federal Reserve Bank of New York.
The general business conditions index rose 5 points from 2.3 to 7.4, an uptick from analyst estimates of 4.0. It's also an improvement from June, when the index fell 15 points to 2.3, the lowest point since November 2011. A reading above zero, however, indicates that the sector is growing.
The survey also reported that the number of new orders decreased for the first time since November 2011, with the index falling 5 points into negative territory of minus 2.7. New shipments, however, were on the uptick with the index going up 5 points to 10.3.
Earlier this month, the Institute for Supply Management's manufacturing survey reported that the U.S. manufacturing sector shrank for the first time in three years.
Photo: Manufacturing at defense contractor GSE Dynamics in Hauppague.