Manufacturing activity in New York state improved in July, rebounding from a two-plus year low on a modest pickup in business outlook, a New York Federal Reserve survey showed on Wednesday.
Continue Reading Below
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.