New York manufacturing activity continues to contract in July

By Ovunc Kutlu

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

The Empire State Manufacturing Index, which measures the level of general business conditions in the state, fell 0.6 points to -6.6 in July, 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 -5.5

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

"Labor market conditions remained weak, with employment continuing to contract," the New York Fed said in a statement. "Inventories moved lower."

"Input prices increased modestly while selling price increases were quite minor," it added.

New York Fed noted that companies were fairly optimistic that conditions would improve in the months ahead.