New York manufacturing activity edged slightly lower in the month of August, the Federal Reserve Bank of New York revealed in a report on Thursday.
The New York Fed said its general business conditions index rose to a negative 4.7 in August from a negative 6.6 in July, but a negative reading still indicates contraction. Economists had expected the index to inch up to a negative 6.0.
Looking ahead, the New York Fed said firms remained fairly optimistic that conditions would improve in the months ahead.