NY Fed: Empire State Manufacturing Index eases to 22.6 in July from 25 in June

"The headline general business conditions index edged down by over two points to 22.6—still a high level, suggesting a continuation of robust growth," the Federal Reserve Bank of New York announced in its latest Empire State Manufacturing Survey report.

Key takeaways

• The new orders index dipped three points to 18.2, while the shipments index fell nine points to 14.6, pointing to a modest pullback in growth of orders and shipments.
• Labor market indicators pointed to continued sturdy growth in employment and a modest increase in the workweek.
• The prices paid index slipped ten points to 42.7—still a fairly high level indicative of widespread ongoing input price pressures; the prices received index was little changed at 22.2, signaling continued moderate increases in selling prices.
• Looking ahead, firms were slightly less optimistic about the six-month outlook than they were last month.