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New York Manufacturing Activity Rebounds Modestly In July

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After reporting an unexpected contraction in regional manufacturing activity in the previous month, the Federal Reserve Bank of New York released a report on Monday showing activity rebounded modestly in the month of July.

The New York Fed said its general business conditions index climbed to 4.3 in July from a negative 8.6 in June, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to rise to a positive 2.0.

The bigger than expected rebound by the general business conditions index came after it recorded its first negative reading in over two years in the previous month.

The rebound by the headline index came as the new orders index jumped to a negative 1.5 in July from a negative 12.0 in June, indicating new orders continued to contract but at a much slower rate.

The report also said the shipments index dipped to 7.2 in July from 9.7 in June, although a positive reading still indicates growth.

Meanwhile, the number of employees index slumped to a negative 9.6 in July from a negative 3.5 in June, falling to its lowest level in nearly three years

The prices paid index also dipped to 25.5 in July from 27.8 in June, while the prices received index edged down to 5.8 from 6.8.

Looking ahead, the New York Fed said the indexes assessing the six-month outlook were generally somewhat higher than last month, with the index for future business conditions rising to 30.8 in July from 25.7 in June.

The Philadelphia Fed is scheduled to release its report on regional manufacturing activity in the month of July on Thursday. The Philly Fed Index is expected to climb to 5.0 in July after tumbling to 0.3 in June.

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