NY Fed index improved as new orders index fell

The New York Fed’s Empire State index rose to 7.1 in August from 5.1 in July, less of an improvement than consensus forecasts. The six-month outlook index slowed to 35.7 from 41.3, however, the capital spending outlook rebounded in August.

Although the employment index improved to 14.3 in August from 7.9 in July, the new orders index fell to -2.7 in August from +10.1 in July, while the shipments index declined to -11.5 from +6.3.

BOTTOM LINE

Although the headline general sentiment index in this report improved and employment growth picked up fairly significant, the survey pointed to declining orders in early August and, in ISM-weighted terms, it indicated flat manufacturing activity in the month. We get more important manufacturing readings later this week with July industrial production on Tuesday and the Philadelphia Fed survey for August on Thursday.

source RDQ

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