New York manufacturing activity continues to contract in August

By Ovunc Kutlu

ISTANBUL (AA) - Manufacturing activity in New York continued to contract in August, according to a report released Thursday.

The Empire State Manufacturing Index, which measures the level of general business conditions in the state, came in at -4.7 in August, according to the Federal Reserve Bank of New York.

Readings above zero indicate improving conditions, while those below show worsening conditions.

The market expectation for the index was to come in at -5.9 after a reading of -6.6 in July.

The index had plummeted 29 points to -43.7 in January, its lowest level since May 2020.

Despite the negative reading "firms remained fairly optimistic about the outlook," the New York Fed said in a statement.

It said 45% of respondents to the business conditions survey said they are expecting conditions to improve over the next six months.

"The outlook for employment growth picked up, and capital spending plans, while sluggish, firmed somewhat compared to last month," it added.