Empire State index retreats slightly in July

(Sharecast News) - Factory sector activity in the jurisdiction of the Federal Reserve Bank of New York softened a tad less than expected in July. The so-called 'Empire State' index slipped from a reading of 6.6 in June to 1.1.

Economists had penciled-in a decline to -3.4.

Another small positive was that the sub-index for new orders edged up from 3.1 to 3.3, while that for delivery times fell further, from -1.0 to -6.9.

A gauge tracking the prices paid by firms also eased, from 22.0 to 16.7.

The sub-index for employment meanwhile improved from -3.6 to 4.7, while that linked to the length of the average employee workweek improved to a similar degree.

The N.Y. Fed is responsible for the 2nd Fed district, which encompasses the State of New York, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U.S. Virgin Islands.

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