July Empire state index in positive territory

Business activity in New York State increased in July for the first time since the pandemic began in March, according to the New York Fed’s Empire State Manufacturing Survey released Wednesday. The Empire State business conditions index rose to 17.2 in July from negative 0.2 in the prior month. A reading above zero indicates improving conditions. Economists had expected a reading of 8.9, according to a survey by Econoday.

What happened: Forty-one percent of manufacturers reported that conditions were better in early July than in June, up from 36% in the prior survey.

The new orders index rose 14.5 points to 13.9, indicating that orders increased. Shipments climbed 15.2 points to 18.5.

The index for employees rose 3.9 points to 0.4 in July, signaling that employment levels were steady.
After jumping to a multi-year high in June, optimism about future conditions cooled a bit this month, with the index for future conditions falling 18.1 points to 38.4.