New York Manufacturing Slips in August
New York, NY, Aug. 15, 2013 -- The New York Federal Reserve’s index of manufacturing conditions declined unexpectedly in August, according to the Federal Reserve Bank of New York.
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The bank said that its general business conditions index fell to 8.2 in August from a reading of 9.5 in July.
Analysts expected the index would rise to 10.0 in August.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index slipped four points to 0.3 and the shipments index fell seven points to 1.5.
The future general business conditions index rose five points to 37.4, its highest level in more than a year.