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viernes, 15 de julio de 2011

Manufacturing weakens in New York in July

WASHINGTON (MarketWatch)
Manufacturers in the New York region said business activity had weakened slightly in early July, according to a report released Friday by the New York Federal Reserve Bank.
The Empire State index remained below zero for the second straight month, rising only to negative 3.8 in July from negative 7.8 in June.
The index has fallen dramatically the past three months after hitting a 12-month high of 21.7 in April.
Readings below zero indicate more firms said business was worsening than said it was improving.
In July, 26% of firms said business got worse. At the same time, 23% said business improved.
The small increase in the index was well below expectations.
Economists surveyed by MarketWatch expected the headline index to rebound to 5.0 in July. Economists view the Empire index mainly as a leading indicator of one of the key economic reports of the health of the economy: the national survey of purchasing managers of manufacturing firms released by the Institute for Supply Management each month.
Sometimes this works and sometimes it doesn’t, noted Josh Shapiro, chief economist at MFR Inc. in New York, in a note to clients However, “the abysmal June performance [of the Empire index] was an accurate harbinger of other poor manufacturing data in the month, so it is possible that today’s report might also contain relevant information. Time will tell.” Shapiro said.
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Julian Barnes explains In July, the new-orders index fell to negative 5.5 from negative 3.6 in the prior month.
Executives at the manufacturing firms were more hopeful about a turnaround.
The future-business index rose almost 10 points to 32.2.
The future-employment index rose to 2.2 in July from negative territory in the prior month.
in July, the prices-paid index fell to 43.3 from 56.1 in June.
The index — the difference between those saying prices are higher and those saying lower — has fallen a cumulative 27 points in the past two months and is now at its lowest level since January.
The prices-received index also declined, to 5.6 in July from 11.2 in June.

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