The Empire State Manufacturing Survey showed "business activity continued to grow strongly in New York State," the Federal Reserve Bank of New York reported Friday, although the general business conditions index fell to 24.4 in September from 25.2 in August.
Economists surveyed by Thomson Reuters had expected the index would be 19.
The new orders index rose to 24.9 from 20.6, while the shipments index gained to 16.2 from 12.4, and unfilled orders reversed to positive 8.9 from negative 4.7, the Fed said.
The delivery time index climbed to 14.6 from 5.4, while the inventories index gained to positive 6.5 from negative 3.1 in the prior survey. The prices paid index grew to 35.8 from 31.0, while the prices received index increased to 13.8 from 6.2. The number of employees index rose to 10.6 from 6.2, while the average employee workweek index declined to 5.7 from 10.9, the Fed reported.
Looking six months into the future, the general business conditions index slid to 39.3 from 45.2 last month. The new orders index increased to 43.7 from 41.3, while the shipments index fell to 37.0 from 42.7, and unfilled orders dropped to 0.8 from 4.7, the Fed said. The delivery time index climbed to positive 1.6 from negative 3.1, while the inventories index grew to 8.9 from 0.8.
The prices paid index rose to 42.3 from 33.3, while the prices received index fell to 18.7 from 21.7. The number of employees index gained to 13.8 from 9.3 while the average employee workweek index reversed to positive 4.1 from negative 3.1, the Fed reported. The capital expenditures index increased to 24.4 from 11.6. The technology spending index increased to 17.1 from 9.3.
