New York's manufacturing activity declines in August; Philadelphia region contracts unexpectedly.
New York's manufacturing activity declined in August, as the Empire State Manufacturing Survey's index dropped to -4.7 (-6.6 in July), with new orders and labor market remaining weak. However, firms remain optimistic about future improvements, and 45% expect conditions to improve in the next six months. In contrast, the Philadelphia region unexpectedly contracted, with its index falling to -7.0 from 13.9 in July, marking the first negative reading since January.
August 15, 2024
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