Business activity continued to grow at a fairly brisk pace in New York State, according to firms responding to the July 2018 Empire State Manufacturing Survey. The headline general business conditions index edged down by over two points to 22.6—still a high level, suggesting a continuation of robust growth. The new orders index dipped three points to 18.2, while the shipments index fell nine points to 14.6, pointing to a modest pullback in growth of orders and shipments. Delivery times continued to rise, and inventories fell marginally. Labor market indicators pointed to continued sturdy growth in employment and a modest increase in the workweek. The prices paid index slipped ten points to 42.7—still a fairly high level indicative of widespread ongoing input price pressures; the prices received index was little changed at 22.2, signaling continued moderate increases in selling prices. Looking ahead, firms were slightly less optimistic about the six-month outlook than they were last month

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Source: Federal Reserve
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