Empire State Manufacturing Index pares loss in June, better than expected
17/06/2024
June Empire State Manufacturing Index: -6.00 vs. -10.5 consensus and -15.60 prior.
The general business conditions index for manufacturing in the state of New York improved by 10 points, but still remained below zero.
New Orders: -1.0 vs. -16.5 prior.
Shipments: 3.3 vs. -1.2.
Prices paid: 24.5 vs. 28.3.
Average employee workweek: -9.9 vs. -5.8.
Even with the index remaining in contraction territory, "firms were more optimistic about the outlook than they have been in more than two years," the Federal Reserve Bank of New York said. "The index for business conditions climbed sixteen points to 30.1, with close to half of respondents expecting conditions to be better in six months."
Still, the outlook for employment remained weak, and capital spending plans appeared to be "sluggish."