Empire State Manufacturing Survey Beats Forecast in July

The Empire State Manufacturing Survey came in at 22.6 in July, indicating regional factory activity beat the forecast with no signs of overheating. With new orders index ticking down 3 points to 18.2, there’s only strength and no dangers of overheating.

Roughly 40% of manufacturers reported that conditions had improved over the month, while 17% said they had worsened.

Optimism regarding the next 6 months fell this month.

The index for future business conditions fell 8 points to 31.1, nearly reversing gains in May. Manufacturers still expect increases in employment in the months ahead, and the indexes for future prices remained elevated.

The index for planned capital expenditures fell 10 points to 17.1, and the technology spending index fell 8 points to 9.4; both are at their lowest levels in roughly a year.