The Empire State Index fell to 3.7 points, after 17.2 points in July, as the regional central bank of New York announced on Monday. Analysts had only expected a slight decrease to 15.0 points on average.
With a level above the zero line, however, further economic growth is indicated. The sentiment indicator is now in positive territory for the second month in a row, after having been supported to a record low of minus 78.2 points in April due to the Corona crisis.
The survey in August showed that more industrial companies had reported a decline in incoming orders. Overall, around 34 percent of the companies surveyed indicated that business conditions were improving. About 30 percent reported a decrease in activities.
(AWP)
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