NY Fed’s Empire State Manufacturing Survey “Improved Slightly” in July

The New York Federal Reserve’s Empire State Manufacturing Survey rose 6 points to 3.86 in July, up from -1.98 in June. Wall Street was expecting a gain of 3.

Readings above 0 point to expansion, while those below indicate contraction.

The new orders index was little changed at -3.5, a sign that orders continued to decline, and the shipments index fell four points to 7.9. Labor market indicators signaled a small increase in employment levels and the average workweek. Price indexes pointed to modest increases in both input prices and selling prices, with the prices paid index reaching its lowest level in three years.

Indexes for the six-month outlook suggested that optimism about future business conditions was slightly higher than in June, but in line with the trend over the past six months, expectations for improvement remained subdued.