NYS Manufacturing Treads Water

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The New York Federal Reserve’s Empire State Manufacturing Survey for August showed little change (+0.5 to 4.8) from last month, leaving statewide manufacturing essentially flat (a reading above 0 indicates growth).  New Orders (+8.2 to 6.7) and Inventories (+16.7 to 5.8) both climbed out of negative territory last month to post marginal expansion, while Average Employee Workweek (-5.1 to -1.3) fell into negative territory indicating contraction.  Unfilled Orders (-4.6 to -9.7) and Number of Employees (+8.0 to -1.6) continued to shrink.  The six-month outlook fell -5.1 to 25.7, but remained in positive territory.