Manufacturing activity continued to decline modestly in the New York area, according to companies responding to the local Fed's July survey, with its Empire State index of general business conditions coming out roughly flat at -6.6.

New orders remained stable, while shipments rose slightly and inventories fell. Labor market conditions remained weak, with employment continuing to contract.

Input prices rose modestly, while increases in selling prices were fairly minor. Finally, companies were fairly optimistic that conditions would improve in the months ahead.

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