By Kimberly Chin
New York manufacturers reported the pace of activity modestly picked up in August from the previous month as optimism about business conditions in the next six months waned.
The Empire State Manufacturing Survey's general business conditions index, compiled by the Federal Reserve Bank of New York, was 4.8 in August, up slightly from a 4.3 recording in July. A positive index reading means activity is expanding.
Economists polled by The Wall Street Journal expected an index reading of 0.5.
The New York Fed said 27% of respondents reported business conditions improved from a month earlier while 22% said they had worsened.
However, manufacturers were less optimistic about the coming months as the index for future business conditions fell five points to 25.7.
The new orders index rose to 6.7, up from minus 1.5 a month ago. Shipments also rose to 9.3 from 7.2 in the month prior.
Write to Kimberly Chin at firstname.lastname@example.org
(END) Dow Jones Newswires
August 15, 2019 08:53 ET (12:53 GMT)Copyright (c) 2019 Dow Jones & Company, Inc.