The Empire State Manufacturing Survey showed "business activity edged lower in New York State," the Federal Reserve Bank of New York reported Thursday, as the general business conditions index narrowed to negative 1.99 in September from negative 4.21 in August.
Economists surveyed by Thomson Reuters had expected the index would be negative 1.0.
The new orders index fell to negative 7.45 from positive 1.04, while the shipments index reversed to negative 9.38 from positive 9.01, and unfilled orders widened to negative 11.61 from negative 9.28, the Fed said.
The delivery time index slipped to negative 6.25 from negative 4.12, while the inventories index declined to negative 12.50 from negative 4.12 in the prior survey. The prices paid index climbed to 16.96 from 15.46, while the prices received index decreased to 1.79 from 2.06. The number of employees index fell to negative 14.29 from negative 1.03, while the average employee workweek index dropped to negative 11.61 from positive 2.06, the Fed reported.
Looking six months into the future, the general business conditions index rose to 34.53 from 23.74 last month. The new orders index grew to 31.89 from 27.37, while the shipments index slid to 21.19 from 27.95, and unfilled orders widened to negative 5.36 from negative 1.03, the Fed said. The delivery time index fell to negative 6.25 from positive 2.06, while the inventories index dropped to negative 0.89 from positive 5.15.
The prices paid index surged to 41.07 from 25.77, while the prices received index soared to 20.54 from 9.28. The number of employees index reversed to positive 7.14 from negative 6.19, while the average employee workweek index dropped to negative 9.82 from negative 5.15, the Fed reported. The capital expenditures expectations index gained to 10.71 from 4.12. The technology spending index climbed to 10.71 from 5.15.
