The Empire State Manufacturing Survey showed "business activity declined for a third consecutive month for New York manufacturers," the Federal Reserve Bank of New York reported Thursday, as the general business conditions index narrowed to negative 11.36 in October from negative 14.67 in September.
Economists surveyed by Thomson Reuters had expected the index would be negative 7.4.
The new orders index slipped to negative 18.91 from negative 12.91, while the shipments index dropped to negative 13.61 from negative 7.98, and unfilled orders widened to negative 15.09 from negative 8.25, the Fed said.
The delivery time index declined to negative 11.32 from negative 6.19, while the inventories index improved to negative 7.55 from negative 18.56 in the prior survey. The prices paid index slid to 0.94 from 4.12, while the prices received index decreased to negative 8.49 from negative 5.15. The number of employees index fell to negative 8.49 from negative 6.19, while the average employee workweek index gained to negative 7.55 from negative 10.31, the Fed reported.
Looking six months into the future, the general business conditions index crept to 23.36 from 23.21 last month. The new orders index grew to 24.00 from 23.89, while the shipments index dipped to 24.63 from 25.30, and unfilled orders inched down to 1.89 from 2.06, the Fed said. The delivery time index widened to negative 2.83 from negative 2.06, while the inventories index increased to negative 6.60 from negative 9.28.
The prices paid index slid to 27.36 from 28.87, while the prices received index increased to 7.55 from 7.22. The number of employees index rose to 10.38 from 7.22, while the average employee workweek index gained to positive 0.94 from negative 9.28, the Fed reported. The capital expenditures expectations index increased to 12.23 from 11.34. The technology spending index grew to 5.66 from 2.06.
