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Empire State manufacturing index rebounds to 15.6 in July
The general business conditions index rose 10 points from June’s 5.7, as firms reported stronger shipments and employment.
The New York Fed’s Empire State Manufacturing Survey showed a rebound in July, with the general business conditions index climbing 10 points to 15.6, indicating stronger activity in the state’s manufacturing sector, according to Forexlive.
Firms reported firmer shipments and rising employment, while production and selling prices continued to increase. The pace of input cost growth eased slightly.
Despite labor shortages and longer delivery times, manufacturers remained optimistic that business conditions will keep improving over the coming months.
The survey also highlighted that June had come in weaker, with an estimate of 14.0 falling to 5.7, before the July rebound largely returned the index toward prior levels after May’s 19.6 reading.