NY Fed manufacturing activity grows slightly in August

NEW YORK, Aug 16 (BestGrowthStock) – A gauge of manufacturing in
New York State rose slightly in August after plunging the
previous month as employment rebounded, the New York Federal
Reserve said in a report on Monday.

The New York Fed’s “Empire State” general business
conditions index increased to 7.10 in August from 5.08 in
July.

The August reading was below market expectations.
Economists polled by Reuters had expected a figure of 8.00 for
August.

Employment gauges showed improvement. The index for the
number of employees rose to 14.29 in August from 7.94 in July.
The average employee workweek index jumped to 7.14 from -9.52.

The new orders index, however, fell below zero for the
first time since June 2009.

The index of business conditions six months ahead fell to
35.71 in August, the lowest since July 2009, from 41.27 in
July.

Despite a small rise this month, the index remains well
below its recent high near 32 reached in April. It’s consistent
with other recent data showing the U.S. economy has slowed
considerably in the past few months, though most economists say
a double-dip recession remains unlikely.

The survey of manufacturing plants in the state is one of
the earliest monthly guideposts to U.S. factory conditions.
(Reporting by Wanfeng Zhou; Editing by Theodore d’Afflisio)

NY Fed manufacturing activity grows slightly in August