New York, July 15--Business conditions in New York state factories improved substantially in early July, though that was accompanied by a pick-up in price pressures, a survey said on Thursday.
The Federal Reserve Bank of New York said the business conditions index of its Empire Manufacturing Survey climbed to 36.5 in July, after dipping to a revised 29.9 in June.
The Empire State prices paid index rose to 56.0 in July from 52.1 the month before. Some 56 percent of respondents reported an increase in prices while none saw a decline.
The prices received index edged back slightly to 18.9 from 20.5 in June.
"Price indexes remained quite high; respondents reported ongoing escalation in prices paid and prices received, and voiced their expectation that this pattern would continue over the next six months," the Fed said.
The number of employees index rose to 14.0 in July, partly reversing June's fall to 12.8, the Fed said. The average workweek index remained volatile, jumping to 23.5 from 10.7 in June.
The new orders index accelerated to 29.4 in July from 26.2 in June, while shipments rose to 34.7 from 33.1.
The index measuring expectations for business conditions six-months ahead, eased slightly to 53.9 in July from 54.2 in June.
