NY Fed manufacturing contracts again in July
NEW YORK, July 15 (Reuters) - A gauge of manufacturing in New York State contracted in July for the third consecutive month, though the rate of decline was less severe than in June, the New York Federal Reserve said in a report on Tuesday.
The New York Fed's "Empire State" general business conditions index came in at minus 4.92 in July from minus 8.68 in June, while its gauges of inflation also posted increases.
Economists polled by Reuters had expected a July reading of minus 8.0. The 54 forecasts ranged from minus 15.0 to minus 0.10.
The survey of manufacturing plants in the state is one of the earliest monthly guideposts to U.S. factory conditions. July's contraction was the fifth negative reading in six months.
The gauge of prices paid rose to 77.89 in July from June's 66.28. That was the highest reading on prices paid since the survey began in 2001.
The gauge of prices received rose to 32.63 in July from 26.74 in June. This was the highest prices received reading in the survey's history and may raise concerns that inflation is being passed through to consumers. (Reporting by Burton Frierson; Editing by Theodore d'Afflisio)
