The Empire State Manufacturing Survey showed manufacturing activity "continued to decline for a third consecutive month" in New York State, the Federal Reserve Bank of New York reported Monday as the general business conditions index improved to negative 6.16 in October from negative 10.41 in September.
Economists surveyed by Thomson Reuters had expected the index would recover to negative 4.55.
The new orders index rose to negative 8.97 from negative 14.03, while the shipments index fell to negative 6.40 from positive 2.75, and unfilled orders slipped to negative 18.28 from negative 14.89, the Fed said.
The delivery time index fell to negative 4.30 from positive 2.13, while the inventories index decreased to negative 2.15 from zero in the prior survey. The prices paid index slid to 17.20 from 19.15, while the prices received index declined to 4.30 from 5.32. The number of employees index dipped to negative 1.08 from positive 4.26, while the average employee workweek index fell to negative 4.30 from negative 1.06, the Fed reported.
Looking six months into the future, the general business conditions index decreased to 19.42 from 27.22 last month. The new orders index fell to 15.05 from 17.02, while the shipments index slid to 11.83 from 12.77, and unfilled orders climbed to negative 7.53 from negative 14.89, the Fed said. The delivery time index slipped to negative 10.75 from negative 7.45, while the inventories index inched down to negative 4.30 from negative 4.26.
The prices paid index gained to 44.09 from 40.43, while the prices received index rose to 24.73 from 23.40. The number of employees index dropped to zero from 8.51, while the average employee workweek index decreased to negative 11.83 from positive 2.13, the Fed reported. The capital expenditures expectations index slipped to 6.45 from 12.77. The technology spending index rose to 7.53 from 7.45.