Man­u­fac­tur­ing ac­tiv­ity In New York ex­pands

Kuwait Times - - BUSINESS -

Man­u­fac­tur­ing in New York state grew for a sec­ond month in July but at a much slower pace, as new or­ders and ship­ments both slipped. The Fed­eral Re­serve Bank of New York says its Em­pire State man­u­fac­tur­ing index dropped to 9.8 from 19.8 in June. Any read­ing above zero sig­nals ex­pan­sion. July’s drop comes af­ter the index reached a two-year high in June. Still, the read­ing is at a mostly healthy level. While the index mea­sures sen­ti­ment among New York firms, it is closely fol­lowed by economists be­cause it pro­vides an early read on fac­tory out­put na­tion­wide. A mea­sure of new or­ders dropped to 13.3 from 18.1, while a gauge of ship­ments dropped to 10.5 from 22.3. Hir­ing also slowed sharply.

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