WASHINGTON - The Empire State Manufacturing Survey showed that manufacturing in New York State “continued to weaken”, the Federal Reserve Bank of New York reported Monday as the general business conditions index dropped to negative 10.41 in September from negative 5.85 in August.
Economists surveyed by Thomson Reuters had expected the index would rise to negative 2.00.
The new orders index slid to negative 14.03 from negative 5.50, while the shipments index fell to 2.75 from 4.09, and unfilled orders dropped to negative 14.89 from negative 10.59, the Fed said.
The delivery time index rose to 2.13 from negative 7.06, while the inventories index climbed to zero from negative 7.06 in the prior survey. The prices paid index grew to 19.15 from 16.47, while the prices received index jumped to 5.32 from 2.35. The number of employees index dropped to 4.26 from 16.47, while the average employee workweek index fell to negative 1.06 from 3.53, the Fed reported.
Looking six months into the future, the general business conditions index increased to 27.22 from 15.20 last month. The new orders index rose to 17.02 from 2.35, while the shipments index climbed to 12.77 from 8.24. Unfilled orders slumped to negative 14.89 from negative 10.59, the Fed said. The delivery time index improved to negative 7.45 from negative 10.59, while the inventories index inched up to negative 4.26 from negative 9.41.
The prices paid index shot to 40.43 from 31.76, while the prices received index rose to 23.40 from 14.12. The number of employees index increased to 8.51 from 3.53, while the average employee workweek index rebounded to 2.13 from negative 8.24, the Fed reported. The capital expenditures expectations index ticked down to 12.77 from 12.94, and the technology spending index rose to 7.45 from 5.88.