For the fourth month in a row, manufacturing activity expanded in New York State, according to the Empire State Manufacturing Survey. According to the Federal Reserve Bank of New York, “manufacturing activity increased substantially in July,” with the General Business Conditions Index climbing 9.9 points to 15.6 (a reading above 0.0 is consistent with expansion). New Orders, Shipments, Unfilled Orders, Delivery Time, Inventories and Number of Employees were all up. In a sign of continuing inflation, Prices Paid and Prices Received were also up, but growing at a slower rate.
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