The general business conditions metric of the Empire State manufacturing survey was a reading of +8.24 in August, the New York Fed reports. This is down from July’s reading of 9.46, but is still an above zero reading indicating economic expansion in the manufacturing sector, albeit at a slower pace.
August’s reading was composed of 30.00% of businesses surveyed reporting that business conditions improved during the month, while 21.76% said that conditions had worsened.
The New York Fed is the first of the 5 leading regional manufacturing surveys conducted by Federal Reserve banks to report for August. Currently, all surveys except for Richmond indicate economic expansion in the manufacturing sector.