Empire State Survey Improves For Third Straight Month
Business conditions in New York state continued to improve for the third consecutive month, according to a survey released Tuesday.
The general business conditions index of the New York Federal Reserve's Empire State Survey for July climbed to its highest level in more than four years, rising six points to 25.6.
Indexes for new orders and for shipments were both at multi-year highs and although the orders measure was little changed, the shipments index rose nine points to 23.6.
The survey suggested a pickup in the pace of increases for both prices paid and prices received.
Labor market conditions continued to improve, with indexes pointing to a solid increase in employment levels and a slight increase in hours worked.
Despite steep gains for current conditions, optimism about future conditions fell.
The index for future general business conditions declined 11 points to 28.5. The future new orders index dropped 19 points to 25.6, and the future shipments index tumbled 21 points to 24.6.
Despite this, the New York Fed said it expects conditions will continue to improve in coming months.
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