USA: Unexpected contraction of the Empire State index | Photo credits: Ludovic Bertron / Creative Commons
PARIS, Aug 15 (Reuters) – Manufacturing activity in the New York area deteriorated sharply in August to fall into contraction territory, with a drop in incoming orders, the monthly antenna survey showed on Monday regional Federal Reserve.
The Empire State Index fell to -31.30 from +11.10 in July as economists polled by Reuters had expected a drop to just +5.0.
The new orders component came out at -29.6 after 6.2 last month and the employment component fell to +7.4 after +18.0.
That of prices paid also fell, to +55.5 against +64.3 in July.
The sub-index measuring the judgment of companies on their business prospects over a six-month horizon rose to reach +2.1 after -6.2 in July. (Written by Laetitia Volga, edited by Jean-Michel Bélot)
