Manufacturing activity in the New York region improves modestly in August

The report from the New York Federal Reserve showed on Thursday that manufacturing activity in the New York region improved modestly in August.

According to the survey, NY Fed Empire State manufacturing index came in at 4.80 this month compared to an unrevised 4.30 in July, pointing to two months of modest growth after a brief decline in activity in June.

Economists had expected the index to come in at 3.0.

Anything below zero signals contraction.

According to the report, the new orders index came in at +6.7, returning into positive territory after declining for the prior two months, while the shipments index rose slightly to 9.3, pointing to an increase in shipments. Meanwhile, unfilled orders dropped for a third consecutive month, delivery times were steady, and inventories increased for the first time since April. The index for number of employees was slightly below zero at -1.6, pointing to ongoing sluggishness in employment levels. On the price front, input prices rose at a slightly slower pace than last month, and selling price increases were little changed.