The numbers: The Empire State manufacturing index rose 3 points to 25.6 in August, the New York Fed said Wednesday. Economists had expected a reading of 20, according to a survey by Econoday.
Any reading above zero indicates improving conditions.
What happened: The new-orders index was little changed in August, falling 1.1 points to 17.1 while the shipments gauge jumped 11.1 points to 25.7. Delivery times continued to lengthen and unfilled orders rose. Price indexes remained elevated, indicating “ongoing price increases,” the New York Fed said. Firms remained upbeat about the six-month outlook, but less so than earlier in the year.
Big picture: The Empire State index has been holding up well in face of trade headwinds, economists said. The index is the first of several regional manufacturing sentiment gauges to be released. They can frequently be volatile from month to month, but taken together they present one of the timeliest reads on a critically cyclical sector.
Market reaction: U.S. stocks were poised to slip on Wednesday reflecting continued unease with Turkey’s currency crisis. Futures for the Dow Jones Industrial Average YMU8, -0.60% were down 152 points, or 0.6%, to 25,142.
