Empire State Manufacturing index drops in Sept., prices still high
Selling prices remained elevated, while business activity expanded at a slower pace in September, the Empire State Manufacturing Survey, released Monday by the Federal Reserve Bank of New York, suggested.
“Price increases remained elevated,” the report said.
The general business conditions index fell to 19.0 in September from 25.6 in August.
Economists surveyed by IFR Markets had expected the index would be 23.0.
The new orders index dropped to 16.5 from 17.1, while the shipments index decreased to 14.3 from 25.7, and unfilled orders declined to 4.9 from 11.1, the Fed said.
The delivery time index slid to 6.5 from 10.4, while the inventories index climbed to 8.9 from zero in the prior survey. The prices paid index grew to 46.3 from 45.2, while the prices received index fell to 16.3 from 20.0. The number of employees index climbed to 13.3 from 13.1, while the average employee workweek index rose to 11.5 from 8.9, the Fed reported.
Looking six months into the future, the general business conditions index slumped to 30.3 from 34.8 last month. The new orders index declined to 33.3 from 36.0, while the shipments index dropped to 35.2 from 37.7, and unfilled orders widened to negative 4.9 from negative 3.7, the Fed said. The delivery time index narrowed to negative 4.9 from negative 5.2, while the inventories index plunged to 0.8 from 5.9.
The prices paid index increased to 56.1 from 53.3, while the prices received index gained to 30.9 from 26.7. The number of employees index slid to 14.7 from 18.0, while the average employee workweek index fell to negative 1.6 from zero, the Fed reported. The capital expenditures index declined to 19.5 from 26.7. The technology spending index slid to 10.6 from 12.6.