Empire State Index Shows Slight Improvement

The new orders indexed declined slightly in July and remained negative at -3.5. Shipments rose modestly and a decrease in unfilled orders was noted. Delivery times were unchanged and inventory levels dropped.

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The prices paid index posted at 7.5, its lowest level in three years, indicating a modest increase in input prices. Prices received index rose four points to 5.3 for the month.

Employee numbers were slightly lower as indicated by a drop of five points on the index to 3.2. The average workweek index was little changed.

The indexes that measure future activity showed modest optimism. The future business activity index inched up 1 point to 27.0. The future new orders index rose six points to 32.2 along with a three point rise in the future shipment index. The index for future employment declined for the fourth month but remained in positive territory, indicating an anticipated rise in employment. The indexes for future capital expenditures and technology spending both improved in July.