By Ed Frankl
Manufacturing activity in New York State contracted again this month, with marginally weaker output than June, although firms remain relatively optimistic about the outlook ahead, a monthly survey said.
The Federal Reserve Bank of New York said Monday that its Empire State Manufacturing Survey dipped to minus 6.6 in July from minus 6.0 last month, an eighth-straight month in contractionary territory as it was below zero. A consensus of economists polled by The Wall Street Journal expected the index to stay at 6.0.
"Manufacturing conditions remained somewhat sluggish in New York State in July, though orders held steady and shipments edged slightly higher," said Richard Deitz, economic research adviser at the New York Fed.
While employment continued to contract and capital-spending plans were weak, firms were still optimistic that conditions would improve in the months ahead, he added.
Input prices rose on the month, though selling-price increases were more modest, according to the data.
Write to Ed Frankl at edward.frankl@wsj.com
(END) Dow Jones Newswires
07-15-24 0845ET
