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Empire State Manufacturing Improves

The June Empire State Manufacturing Survey showed improvement by the general business condition index from 19.0 to 19.3. This beat economists' forecasts around 15.2. Some highlights from the report:

(source: Federal Reserve Bank of New York)

- New Orders index climbed to 18.4, highest level in 4 years.
- 40% of the surveyed responded that that conditions improved, while 21% said they worsened. 
- Unfilled orders index held stead near 0
- Indexes for prices paid (17.2) and prices received (4.3) were lower, indicating slower price increases.
- labor market conditions are improving, with employment and working hours increasing modestly. Employment index was down to 10.8, and average workweek index climbed 7 points to 9.7.
- 6-month outlook remains high, even as the index for future general business conditions fell 4 points to 39.8