The Empire State Manufacturing Survey showed conditions "expanded at a robust pace for New York manufacturers," the Federal Reserve Bank of New York reported Monday as the general business conditions index soared to "a multiyear high" of 27.54 in September from 14.69 in August.
Economists surveyed by Thomson Reuters had expected the index would be 16.
The 27.54 reading was the highest since late 2009, according to the Fed.
The new orders index increased to 16.86 from 14.14, while the shipments index gained to 27.08 from 24.59, and unfilled orders widened to negative 10.87 from negative 7.95, the Fed said.
The delivery time index narrowed to negative 5.43 from negative 5.68, while the inventories index improved to negative 7.61 from negative 14.77 in the prior survey. The prices paid index slid to 23.91 from 27.27, while the prices received index grew to 17.39 from 7.95. The number of employees index dropped to 3.26 from 13.64, while the average employee workweek index fell to 3.26 from 7.95, the Fed reported.
Looking six months into the future, the general business conditions index dipped to 46.72 from 46.76 last month. The new orders index slipped to 45.56 from 50.44, while the shipments index fell to 47.46 from 54.48, and unfilled orders gained to 7.61 from 2.27, the Fed said. The delivery time index declined to negative 5.43 from zero, while the inventories index slid to 4.35 from 9.09.
The prices paid index rose to 43.48 from 42.05, while the prices received index grew to 32.61 from 21.59. The number of employees index slumped to 14.13 from 22.73, while the average employee workweek index climbed to 5.43 from zero, the Fed reported. The capital expenditures expectations index fell to 13.04 from 18.18. The technology spending index decreased to 9.78 from 12.50.
