US Empire State manufacturing business conditions dropped sharply to 3.7 in August, down from 17.2, well below expectation of 16.5. Looking at some details, new orders dropped -15.6 pts and turned negative to -1.7. Shipments dropped -11.8 pts to 6.7. Number of employees rose 2.0 pts to 2.4. But average employment workweek dropped -4.2 pts to -6.8.
For six months ahead, general business conditions dropped -4.1 to 34.3. New orders dropped -4.7 to 37.2. Number of employees dropped -5.6 to 155 Average employee workweek dropped -1.9 to 2.0. Capital expenditures dropped -3.1 to 6.0.
