US Empire State Manufacturing Survey showed a decline in the headline general business conditions index, falling from 6.6 to a modest 1.1 in July, slightly above expectation of 0.0. While 29% of respondents reported improved conditions over the month, 27% reported a deterioration.
Price increases showed a moderating trend. Prices paid index fell -5 pts to 16.7, and prices received index also declined by -5 pts to 3.9. Over the past year, the prices paid index has seen a near-50 point drop, while the prices received index has cumulatively fallen by -27 points.
On the other hand, index for future business conditions declined from 18.9 to 14.3, signaling that although businesses are anticipating better conditions ahead, overall optimism remains relatively subdued.
