New York Fed manufacturing index climbs to positive in July

By Ovunc Kutlu

ANKARA (AA) - The New York Fed manufacturing index climbed to positive territory in July, according to a report released on Friday by the Federal Reserve Bank of New York.

The Empire State Manufacturing Index, which measures the level of general business conditions in the state of New York, climbed 12 points to reach 11.1 in July.

It fell to a two-year low in May, coming at minus 11.8 -- the lowest since May 2020.

While readings above 0 indicate improving conditions, levels below that show worsening conditions.

"Labor market indicators pointed to a solid increase in employment and a slightly longer average workweek. While still elevated, both the prices paid and prices received indexes moved significantly lower, pointing to a deceleration in price increases." the New York Fed said in its Empire State Manufacturing Survey.

However, firms turned pessimistic about the six-month outlook of the US economy, it added.