New York manufacturing activity unexpectedly contractsStaff Writer | August 15, 2016
Manufacturing activity in the New York region unexpectedly contracted in the month of August, according to a report released by the Federal Reserve Bank of New York.
Empire State General business conditions index fell
The decline by the index came as a surprise to economists, who had expected the index to climb to a positive 2.50.
The unexpected decrease by the headline index came even though most of the component indexes moved higher during the month.
The new orders index climbed to a positive 1.04 in August from a negative 1.82 in July, while the shipments index jumped to 9.01 from 0.70.
The New York Fed said the number of employees index also rose to a negative 1.03 in August from a negative 4.40 in July, pointing to little change in employment levels. ■