NY manufacturing gains modestly

Manufacturing expanded modestly in New York in July, with a business index sightly higher than break-even, the Federal Reserve Bank of New York said Monday. The Empire State Manufacturing Survey indicates manufacturing activity is growing slowly in New York. The general business conditions index added 7 points to 7.4 with zero the break-even point between growth and contraction. The new orders index fell, however, losing five points to minus 2.7, dropping into negative territory for the first time since November. The shipments index gained five points to 10.3. The two employment indexes were mixed. The index for the number of employees added six points to 18.5 while the index for hours worked lost three points to zero