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New York manufacturing activity unexpectedly contracts

Staff 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.
New York manufacturing
Empire State   General business conditions index fell
The New York Fed said its general business conditions index fell to a negative 4.21 in August from a positive 0.55 in July. A negative reading indicates a contraction in New York manufacturing activity.

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.