NEW YORK - The Empire State Manufacturing Survey showed “conditions improved in October for New York State manufacturers,” the Federal Reserve Bank of New York today reported, as the general business conditions index surged to 15.73 in the month from 4.14 in September, the Fed reported.
Economists surveyed by Thomson Reuters had expected the index would rise to 6.9.
The new orders index grew to positive 12.90 from positive 4.33, while the shipments index climbed to positive 19.39 from negative 0.27, and unfilled orders improved to negative 1.67 from negative 5.97, the Fed said.
The delivery time index narrowed to negative 6.67 from negative 11.94, while the inventories index decreased to negative 11.67 from positive 1.49 in the prior survey. The prices paid index rose to 30.00 from 22.39, while the prices received index grew to 8.33 from 1.49. The number of employees index increased to 21.67 from 14.93, while the average employee workweek index declined to 3.33 from 7.46, the Fed reported.
Looking six months into the future, the general business conditions index increased to 40.00 from 31.34 last month. The new orders index rose to 31.67 from 25.37, while the shipments index gained to 38.33 from 28.36, and unfilled orders reversed to positive 5.00 from negative 4.48, the Fed said. The delivery time index climbed to positive 5.00 from negative 5.97, while the inventories index increased to 10.00 from 2.99.
The prices paid index jumped to 40.00 from 35.82, while the prices received index grew to 20.00 from 14.93. The number of employees index rose to 26.67 from 16.42, while the average employee workweek index gained to 11.67 from 5.97, the Fed reported. The capital expenditures expectations index dipped to 25.00 from 25.37. The technology spending index slipped to 13.33 from 14.93.
