Forex▲ Bullish
Empire State Manufacturing Jumps to 15.6, Beating Estimates
The Empire State Manufacturing index rose to 15.6 in July from 5.70, well above the 8.80 estimate, as new orders and shipments picked up sharply.
Continue with
New York factory activity rebounded sharply in July, with the Empire State Manufacturing Survey’s headline index climbing to 15.6 from 5.70 in June, the New York Fed reported Monday. Economists had expected a reading of 8.80.
The gain erased June’s dip and brought the index back near the 19.6 level seen in May. The survey’s new orders and shipments components both picked up “sharply,” the Fed said, while employment rose for a sixth straight month. Price increases remained elevated, though the pace of input cost growth eased slightly. Supply availability continued to worsen, a sign that lingering bottlenecks are still constraining production.
Six-month forward expectations held at a solid level, suggesting manufacturers expect the improvement to persist. The survey’s future general business conditions index stood at 30.0, down a touch from 32.0 in June but still well above the pre-pandemic average.