Manufacturing Activity Inches Down in August

Washington, DC, August 15, 2007—The New York Federal Reserve Bank said its Empire State Manufacturing index fell to 25.1 points in August from 26.5 in July.

Economists expected a drop in the index to 19.0.

Forty percent of businesses reported that conditions had improved in August, while 15% said conditions had deteriorated.

The new orders index fell to 22.2 from 26.5 while the shipments index slipped to 28.8 from 29.2 and the unfilled orders index edged down to a reading of 1.1 from 2.5 in July.

The employee index rose slightly to 11.6 from 11.4, while the average workweek rose sharply to 16.1 in August from 6.2 in the previous month.

The prices paid index inched lower to 34.4 in August from 34.6 in the previous month. The prices received index fell to 3.2 in August from 8.6, the lowest level in two years.