NY Fed: Headline general business conditions index fell ten points to 9.8
|"Business activity grew modestly in New York State, according to firms responding to the July 2017 Empire State Manufacturing Survey," announced the Federal Reserve Bank of New York.
Key quotes:
- The headline general business conditions index fell ten points to 9.8
- The new orders index moved down to 13.3, and the shipments index fell to 10.5, suggesting that orders and shipments continued to grow, though at a somewhat slower pace than in June
- Delivery times continued to lengthen, and inventory levels were fairly steady
- Labor market indicators pointed to a small increase in employment and no change in hours worked. Input prices and selling prices rose at about the same pace as last month
- Indexes assessing the six-month outlook suggested that firms remained positive about future conditions, though they were less optimistic than in June
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