Empire State Manufacturing Survey Shows Continued Growth

Business activity continued to grow in August but at a less robust pace according to the Empire State Manufacturing Survey, which came in below the range of analysts' expectations at 19.0, down 6.6 points from July. New orders grew slightly slower but still strongly at 16.5, but growth in shipments decelerated by 11.4 points to 14.3. There was less capacity stress in the supply chain overall, with unfilled orders growth moderating by 6.2 points to 14.3 and delivery time lengthening but less strongly by 3.9 points at 6.5.

Employment remained strong at 13.3, however, and the workweek rose by 2.6 points to 11.5. Prices paid were little changed and remained elevated while prices received growth moderated slightly from elevated levels.