Federal Reserve Bank of New York (08/17/15)
The August 2015 Empire State Manufacturing Survey indicates that business activity declined for New York manufacturers. After hovering around zero since April, the general business conditions index dropped nineteen points to -14.9, its lowest level since April 2009. The new orders index fell twelve points to -15.7, its lowest level in several years, and the shipments index plunged twenty-two points to -13.8.
Labor market indicators pointed to little change in employment and hours worked. The index for number of employees edged down one point to 1.8, and the average workweek index fell to -1.8. The index for future business activity climbed seven points to 33.6. The index for future number of employees declined for a fifth consecutive month, reaching 3.6—a sign that little change in employment levels is expected in the months ahead.