UPDATE 1-NY factory growth slows in Aug but hiring improves-NY Fed
NEW YORK Aug 15 (Reuters) - Growth in New York state's manufacturing sector slowed slightly this month but the pace of hiring hit a one-year high and companies' outlook for the future brightened, a report from the New York Federal Reserve showed on Thursday.
The New York Fed's "Empire State" general business conditions index fell to 8.24 from 9.46 in July, shy of economists' forecast of 10.00. A reading above zero indicates expansion.
A slackening in demand in August helped account for the modest slowdown, with the new orders index slipping to 0.27 from 3.77 the previous month. Shipments fell to 1.47 from 8.96 and inventories moved up to minus 3.61 from minus 6.52.
But labor market conditions improved, with the index for the number of employees climbing to a one-year high of 10.84 from 3.26. The average employee workweek index jumped to 4.82 from minus 7.61.
Firms were also optimistic about the future. The index of six-month business conditions rose to 37.39 in August, the highest since April of 2012. It stood at 32.01 in July.
The survey of manufacturing plants in the state is one of the earliest monthly guideposts to U.S. factory conditions.
- Putin dissolves state news agency, tightens grip on Russia media
- North Korea says Kim's powerful uncle dismissed for 'criminal acts'
- Cold, ice grip U.S. as more snow to blanket East
- Thai PM calls snap election, protesters want power now |
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'