New York state manufacturing activity drops to August 2009Staff writer ▼ | August 17, 2015
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 improved, a New York Federal Reserve survey showed.
Economy A New York Federal Reserve survey:
The new orders and shipments indexes also fell sharply, to -15.7 and -13.8 respectively, pointing to a marked decline in both orders and shipments. The inventories index dropped to -17.3, signaling that inventory levels were lower.
Price indexes showed that input prices were slightly higher, while selling prices were flat. Labor market indicators suggested that employment levels and hours worked were little changed.
Indexes for the six-month outlook registered somewhat greater optimism than in July, with the future general business conditions index rising seven points to 33.6.
Price increases remained subdued. The prices paid index was little changed at 7.3, continuing the pattern of modest input price increases seen in recent months. The prices received index fell to 0.9, indicating that selling prices were flat.
Labor market indicators pointed to little change in employment and hours worked. The index for number of employees edged down one point to 1.8, and the average workweek index fell to -1.8. ■