Survey finds NY manufacturing slips for first time in 10 months
Employees sand and assemble table tops earlier this year at the Gunlocke Co. factory in the western New York town of Wayland. A new survey indicates manufacturing fell off in July across New York State. (Feb. 3, 2012) Credit: Bloomberg News
Manufacturing activity in New York State declined in August -- a first since October last year, according to the Empire Manufacturing Survey, a monthly report of manufacturing activity released by the Federal Reserve Bank of New York.
The survey's general business conditions index fell 13 points to minus 5.9. A negative reading means that manufacturing activity has slowed. The July index was 7.4.
For the second month in a row, the new orders index also remained below zero at minus 5.5, falling further from July's index of -2.7.
Optimism in New York's manufacturing sector also seemed to decline, as forward-looking indexes for the next six-month all reported slightly lower figures in August compared to July.
Earlier this month, the Institute for Supply Management's manufacturing survey reported that the U.S. manufacturing sector continued to shrink in July for the second month in a row.
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