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The
New York Fed's Empire State general business conditions index
rose to 3.86 in July from -1.98 in June, which was its lowest
level since January 2013.
Economists polled by Reuters had expected the index to rise to
3.0 this month. A reading above zero indicates expansion.
The survey of manufacturing plants in the state is one of the
earliest monthly guideposts to U.S. factory conditions.
The survey's index on future business conditions climbed to
27.04 from June's 25.84, which was the weakest since February.
Other components of the July survey were mixed, suggesting
overall business activity remained subdued.
The new orders index was in negative territory for a second
month at -3.50 compared with -2.12 in June, while shipment
activity declined to 7.88 in July from 12.01.
The survey's gauge on the average employee workweek rose for a
second month to 4.26 from 3.85 in June, but the index for the
number of employees fell to 3.19, the lowest since December
2013, from 8.65 in June.
Prices paid fell to a three-year low at 7.45 from 9.62 in June,
while prices received rose to 5.32 from 0.96.
(Reporting by Richard Leong; Editing by Chizu Nomiyama)
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