NY Fed Manufacturing Growth Picks Up In July

“NEW YORK (Reuters) – A gauge of manufacturing in New York state perked up in July after a sharp drop off the month before, but new orders shrank, the New York Federal Reserve said in a report on Monday.

The New York Fed’s “Empire State” general business conditions index rose to 7.39 from 2.29 in June, topping economists’ expectations for 4.00.

Forward-looking new orders contracted to minus 2.69, the lowest level since September 2011, from 2.18. Employment gauges were mixed, with the index for the number of employees rising to 18.52 from 12.37 and the average employee workweek index falling to zero from 3.09.”

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