Washington, DC, August 15--Manufacturing activity in the New York area stayed strong in August, the New York Federal Reserve Bank said Monday.
The bank's Empire State Manufacturing index fell to 23.0 in August from 23.9 in July.
Readings over zero indicate expansion.
The drop was not as bad as feared. Economists forecast the Empire State index would fall to 18.9 in August.
New orders jumped to 33.8 in August from 19.2 in July. This is the highest level of new orders this year.
The indexes for shipments and unfilled orders were also higher than in July.
The factory job market improved, with the employee index rising to 10.2 in August from 1.4 in July. The average workweek index rose sharply to 20.5, its highest level in more than a year.
Inflation indexes strengthened in August. The prices paid index rose to 29.0 in August from 21.6 in July.
The index of activity in the next six months showed optimism. The future general business condition index rose to 53.3 in August from 47.0 in July.
But inflation expectations in the next six months also rose sharply to 47.0 in August from 28.4 in the previous month.
