Selling prices remained elevated, while business activity expanded at a faster pace in October, the Empire State Manufacturing Survey, released Monday by the Federal Reserve Bank of New York, suggested.
“Price increases slowed somewhat but remained elevated,” the report said.
The general business conditions index grew to 21.1 in October from 19.0 in September.
Economists surveyed by IFR Markets had expected the index would be 19.0.
The new orders index climbed to 22.5 from 16.5, while the shipments index increased to 26.3 from 14.3, and unfilled orders declined to negative 8.4 from positive 4.9, the Fed said.
The delivery time index slid to 5.0 from 6.5, while the inventories index fell to 0.8 from 8.9 in the prior survey. The prices paid index declined to 42.0 from 46.3, while the prices received index fell to 14.3 from 16.3. The number of employees index slid to 9.0 from 13.3, while the average employee workweek index dropped to 0.2 from 11.5, the Fed reported.
Looking six months into the future, the general business conditions index slipped to 29.0 from 30.3 last month. The new orders index gained to 35.1 from 33.3, while the shipments index dropped to 33.8 from 35.2, and unfilled orders reversed to positive 1.7 from negative 4.9, the Fed said. The delivery time index widened to negative 5.9 from negative 4.8, while the inventories index fell to negative 5.9 from positive 0.9.
The prices paid index decreased to 52.9 from 56.1, while the prices received index declined to 23.5 from 30.9. The number of employees index slid to 13.0 from 14.7, while the average employee workweek index reversed to positive 2.5 from negative 1.6, the Fed reported. The capital expenditures index declined to 16.0 from 19.5. The technology spending index slid to 9.2 from 10.6.
