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Business Continues Improving for New York Manufacturers

Federal Reserve Bank of New York (08/15/14)

The August Empire State Manufacturing Survey from the New York Federal Reserve Bank indicates that business conditions continued to improve for New York manufacturers, but the improvement was less widespread than in July. The headline general business conditions index retreated eleven points to 14.7, after reaching a four-year high last month. The new orders index slipped almost five points to 14.1, while the shipments index edged up a point to 24.6—a multiyear high.

Labor market conditions were mixed but continued to improve overall. The index for number of employees slipped three points to 13.6, suggesting a slight pullback in the pace of hiring. However, the average workweek index rose six points to 8.0, signaling a slight increase in hours worked.