New York region manufacturing activity improves

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Manufacturing activity in the New York region improved modestly for a third consecutive month in August but at a slower pace, said a survey released Thursday by the Federal Reserve Bank of New York.

According to the latest Empire State Manufacturing Survey, the general business conditions index for August eased to 8.24, little changed from June's 9.46, missing analysts' expectations of 10.00. Readings above zero signal expansion.

The new orders index slipped four points to 0.3 and the shipments index fell seven points to 1.5, suggesting that both orders and shipments were flat.

But labor market conditions strengthened. The survey showed that the index for number of employees rose eight points to 10.8, and the average workweek index climbed twelve points to 4.8. Both indexes advanced to their highest levels in a year.

Moreover, indexes for the six-month outlook generally conveyed strong optimism about future business conditions. The survey revealed that the future general business conditions index rose five points to 37.4, its highest level in more than a year.

The Empire State manufacturing index closely watches manufacturing activity in New York, northern New Jersey and southern Connecticut. The Federal Reserve Bank of New York conducts the survey monthly and participants represent a variety of industries.

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