New York state fac­tory ac­tiv­ity tum­bles to low­est since 2009: NY Fed

The Pak Banker - - BUSINESS -

NEW YORK: Man­u­fac­tur­ing ac­tiv­ity in New York state plunged to its weak­est level in Au­gust since 2009 due to steep drops in new or­ders and ship­ments, although op­ti­mism on fu­ture busi­ness im­proved, a New York Fed­eral Re­serve sur­vey showed on Mon­day.

The New York Fed's Em­pire State gen­eral busi­ness con­di­tions in­dex tum­bled from 3.86 in July to -14.92 in Au­gust, its low­est since April 2009. Econ­o­mists polled by Reuters had ex­pected the in­dex to rise to 5.00 this month. A read­ing above zero in­di­cates ex­pan­sion. The sur­vey's in­dex on fu­ture busi­ness con­di­tions, how­ever, rose to 33.64 from 27.04 in July. The sur­vey of man­u­fac­tur­ing plants in the state is one of the ear­li­est monthly guide­posts to U.S. fac­tory con­di­tions. The new or­ders in­dex was in neg­a­tive ter­ri­tory for a third month at -15.70 from -3.50 in July, while ship­ment ac­tiv­ity de­clined to -13.79 from 7.88 in July. The sur­vey's gauge on the av­er­age em­ployee work­week dropped to -1.82 from 4.26 and the in­dex for the num­ber of em­ploy­ees fell to 1.82 from 3.19. The prices paid in­dex fell to 7.27 from 7.45 July, while prices re­ceived fell to 0.91 from 5.32 the pre­vi­ous month.

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