The Empire State Manufacturing Survey showed "conditions for New York manufacturers improved modestly for the fourth straight month," the Federal Reserve Bank of New York reported Monday as the general business conditions index dipped to 6.29 in September from 8.24 in August.
Economists surveyed by Thomson Reuters had expected the index would be 9.20.
The new orders index rose to 2.35 from 0.27, while the shipments index increased to 16.43 from 1.47, and unfilled orders widened to negative 6.45 from negative 6.02, the Fed said.
The delivery time index dropped to negative 4.30 from negative 1.20, while the inventories index reversed to positive 2.15 from negative 3.61 in the prior survey. The prices paid index rose to 21.51 from 20.48, while the prices received index gained to 8.60 from 3.61. The number of employees index slid to 7.53 from 10.84, while the average employee workweek index dropped to 1.08 from 4.82, the Fed reported.
Looking six months into the future, the general business conditions index increased to 40.64 from 37.39 last month. The new orders index jumped to 38.17 from 30.01, while the shipments index rose to 37.84 from 30.02, and unfilled orders narrowed to negative 4.30 from negative 7.23, the Fed said. The delivery time index improved to negative 7.53 from negative 8.43, while the inventories index narrowed to negative 2.15 from negative 13.25.
The prices paid index slipped to 39.78 from 40.96, while the prices received index rose to 24.73 from 19.28. The number of employees index fell to 4.30 from 8.43, while the average employee workweek index narrowed to negative 2.15 from negative 6.02, the Fed reported. The capital expenditures expectations index declined to 15.05 from 24.10. The technology spending index grew to 11.83 from 4.82.
