(Washington) Manufacturing activity in the highly industrialized region of New York fell sharply in August from the previous month, confusing analysts who had expected a slight increase.

The index measuring this activity fell 20 points from July, to stand at -19 points, according to the monthly Empire State survey published Tuesday by the New York branch of the Federal Reserve (Fed).

The index thus took analysts who had on the contrary expected a slight increase, to stand at 2.4 points, according to the consensus published by briefing.com.

The decline concerns all the components of the index, but is particularly marked on new orders, down 35 points to stand at -19.9 points, and deliveries, which fall by 26 points to reach -12.3 points.

“The observed fall seems to be more cyclical than trend”, however, put into perspective Kieran Clancy, analyst for Pantheon Macroeconomics, in a note, “it is necessary to have data from other regions before drawing any conclusion at the national level”.

The impact on employment, however, is limited, with the relevant sub-index remaining slightly negative at -1.4 points, a “level indicating little change on the level of employment”, according to the press release, but that on the working time stood at -10.7 points, highlighting a decline in weekly working time.

As for prices, they continue to increase, but at a slower pace than that observed in previous months, the statement said.

While the trend is negative in the short term, companies remain positive for the coming months, with the index on future conditions rising 6 points to 19.9 points, its highest level in a year.