New York Manufacturing Conditions Show Improvement

New York, NY, Aug. 16, 2010–The New York Federal Reserve said the general business conditions index from its Empire State Manufacturing Survey rose to 7.1 this month.

A number greater than zero indicated expansion.

That’s a two-point improvement from the July report, which fell to 5.1 from 19.6. However, the current reading was lower than expectations.

The report showed several individual assessments deteriorated during the month. A reading on new orders, for one, fell into negative territory for the first time this year, dropping to -2.7 in August after hitting 10.1 in July. Shipments, too, swung below the zero mark after registering a -11.5 this month. Last month, the shipments index was holding at 6.3.

However, the employment picture in the factory ranks appeared to brighten a bit. A measure examining the number of employees improved by over six points to read 14.3 this month.