The Empire State Manufacturing Survey showed "business activity grew modestly for New York manufacturers," the Federal Reserve Bank of New York reported Wednesday although the "pace of growth slowed significantly," as the general business conditions index slumped from "a multiyear high" of 27.54 in September to 6.17 in October.
Economists surveyed by Thomson Reuters had expected the index would be 20.80.
The new orders index decreased to negative 1.76 from positive 16.87, while the shipments index plunged to 1.12 from 27.08, and unfilled orders narrowed to negative 4.55 from negative 10.87, the Fed said.
The delivery time index widened to negative 5.68 from negative 5.43, while the inventories index improved to positive 2.27 from negative 7.61 in the prior survey. The prices paid index slid to 11.36 from 23.91, while the prices received index fell to 6.82 from 17.39. The number of employees index gained to 10.23 from 3.26, while the average employee workweek index fell to negative 1.14 from positive 3.26, the Fed reported.
Looking six months into the future, the general business conditions index dipped to 41.66 from 46.72 last month. The new orders index slipped to 42.34 from 45.56, while the shipments index fell to 42.54 from 47.46, and unfilled orders slid to 6.82 from 7.61, the Fed said. The delivery time index reversed to positive 2.27 from negative 5.43, while the inventories index slid to 2.27 from 4.35.
The prices paid index fell to 42.05 from 43.48, while the prices received index declined to 26.14 from 32.61. The number of employees index slipped to 12.50 from 14.13, while the average employee workweek index dropped to negative 2.27 from positive 5.43, the Fed reported. The capital expenditures expectations index grew to 21.59 from 13.04. The technology spending index increased to 15.91 from 9.78.
