Investing.com - The Empire State manufacturing index fell in July, to a reading of 22.6 from 25.0 in June, the New York Fed reported on Monday.
The consensus forecast had been for a reading of 22.0.
Any reading above zero indicates improving conditions, and below indicates worsening conditions.
Despite the drop in the headline general business conditions index, the NY Fed indicated that it was “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, the report showed.
“Labor market indicators pointed to continued sturdy growth in employment and a modest increase in the workweek,” the NY Fed added.
Although the prices paid index slipped ten points to 42.7, it remained at what the NY Fed considered to be “a fairly high level indicative of widespread ongoing input price pressures”.
“Looking ahead, firms were slightly less optimistic about the six-month outlook than they were last month,” the report concluded.