Solid Empire

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The Federal Reserve Bank of New York’s Empire State Manufacturing Survey reflected an increase in activity in July, with the headline general business conditions index increasing 9.9 points m/m to 15.6. New orders and shipments both moved sharply higher, while the employment indexes were mixed, with employee count up slightly and hours worked down somewhat. Finally, the six-month forward looking indexes were also mixed, with the general business conditions expectations index falling 2.2 points m/m to a still positive 27.9. The new orders and shipments expectations indexes were essentially unchanged but positive, while the capex expectations index moved modestly higher to 15 from 10.9 in June. However, the employment expectations indexes both moved lower, with the employee count index falling 6.5 points to 14,4 and the average workweek index sliding 5.9 points to 2.0. 

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