Empire State Manufacturing Survey for July 2016

Earlier today, the Federal Reserve Bank of New York  (NY Fed) released the Empire State Manufacturing Survey for this month (July 2016):

Predicted: +5.0
Actual: +0.55

Any figure below zero implies that manufacturing in the region is contracting, and vice versa.

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

From today's report:

"...The July 2016 Empire State Manufacturing Survey indicates that business activity flattened out for New York manufacturers. The headline general business conditions index fell five points to 0.6. The new orders index and the shipments index both fell to levels not far from zero—a sign that orders and shipments were little changed. Labor market indicators pointed to a small decline in employment levels and hours worked. The prices paid index held steady at 18.7, suggesting that moderate input price increases were continuing, and the prices received index held near zero, indicating that selling prices remained steady. Firms were less optimistic about future conditions compared to last month..."

About this survey, from the NY Fed website:

"...Participants from across the state in a variety of industries respond to a questionnaire and report the change in a variety of indicators from the previous month. Respondents also state the likely direction of these same indicators six months ahead..."

Click here to view the full NY Fed report.

• Last month, the actual figure was +6.01.
  

For a national perspective on manufacturing in the United States, check out the Institute of Supply Management's Purchasing Manager's Index (PMI).

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