It was business as usual for the state’s manufacturers, according to the Federal Reserve Bank of New York’s monthly Manufacturing Survey for June. The report found that general business activity expanded modestly, reflecting an industry that has been performing steadily if not spectacularly.
The headline general business conditions index climbed fifteen points to 6.0. The new orders index and the shipments index rose from negative values to 10.9 and 9.3, respectively, meaning that orders and shipments were increasing after last month’s decline. Inventories were lower this month than last, causing the inventories index to fall to -15.3. Meanwhile the employment index was zero, signaling that employment counts were unchanged. The prices paid index held steady at 18.4, suggesting that moderate input price increases were continuing, and the prices received index was near zero, indicating that selling prices were stable. Firms were more optimistic about the six-month outlook this month, and capital spending plans picked up.