The Empire State Manufacturing Survey showed "conditions held steady for New York manufacturers," the Federal Reserve Bank of New York reported Tuesday as the general business conditions index dipped to 1.52 in October from 6.29 in September.
Economists surveyed by Thomson Reuters had expected the index would be 7.00.
The new orders index rose to 7.75 from 2.35, while the shipments index decreased to 13.12 from 16.43, and unfilled orders narrowed to negative 6.02 from negative 6.45, the Fed said.
The delivery time index dropped to negative 10.84 from negative 4.30, while the inventories index slipped to zero from 2.15 in the prior survey. The prices paid index rose to 21.69 from 21.51, while the prices received index fell to 2.41 from 8.60. The number of employees index slid to 3.61 from 7.53, while the average employee workweek index climbed to 3.61 from 1.08, the Fed reported.
Looking six months into the future, the general business conditions index increased to 40.76 from 40.64 last month. The new orders index dipped to 37.04 from 38.17, while the shipments index fell to 32.18 from 37.84, and unfilled orders narrowed to negative 3.61 from negative 4.30, the Fed said. The delivery time index declined to negative 14.46 from negative 7.53, while the inventories index narrowed to negative 1.20 from negative 2.15.
The prices paid index jumped to 45.78 from 39.78, while the prices received index rose to 25.30 from 24.73. The number of employees index grew to 7.23 from 4.30, while the average employee workweek index reversed to positive 2.41 from negative 2.15, the Fed reported. The capital expenditures expectations index increased to 15.66 from 15.05. The technology spending index grew to 12.05 from 11.83.