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Economic Report: Empire State index softens in July

Bloomberg

Hooded sweatshirts are displayed for sale at a Brooklyn Industries Inc.

WASHINGTON (MarketWatch) — A reading of New York-area manufacturing conditions retreated in July, in what could be a sign of the impact of Britain’s vote to leave the European Union on the U.S. economy.

The Empire State general business conditions index slipped to 0.6 in July from 6.0 in June, the New York Fed said Friday.

Empire State Manufacturing Survey: Business activity was flat; July index 0.6 → https://t.co/bg44TB8sw9 pic.twitter.com/oUsOoSesGw

— New York Fed (@NewYorkFed) July 15, 2016

The index, on a scale where any positive number indicates improving conditions, was worse than the positive 6 forecast in a MarketWatch-compiled economist poll.

The index has been in a see-saw pattern over the past several months but has been generally showing improvement.

Over the past two years, manufacturing has been held down by the strong dollar.

Also see: Retail sales climb in June, helped by home-and-garden boom

After the June 23 Brexit referendum, the dollar jumped against the British pound. Economists said this might weigh on manufacturing sentiment and increased uncertainty among businesses in general.

In July, the new-orders component sank to negative 1.8 from positive 10.9, and the shipments index sank to 0.7 from 9.3.

The index for future business activity fell 5.6 points to 29.2 in July.

The Empire State index is the first of a wave of regional manufacturing reports, and generally economists pay closer heed to the Philadelphia Fed report, which comes out next week.

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Economic Report: Empire State index softens in July Reviewed by on . Bloomberg Hooded sweatshirts are displayed for sale at a Brooklyn Industries Inc. WASHINGTON (MarketWatch) — A reading of New York-area manufacturing conditions Bloomberg Hooded sweatshirts are displayed for sale at a Brooklyn Industries Inc. WASHINGTON (MarketWatch) — A reading of New York-area manufacturing conditions Rating:
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