NEW YORK - The Empire State Manufacturing Survey showed “conditions for New York manufacturers continued to deteriorate in October,” the Federal Reserve Bank of New York reported Monday as the general business conditions index was nearly flat at negative 8.48 in October from negative 8.82 in September.
Economists surveyed by Thomson Reuters had expected the index would rise to negative 4.00.
The new orders index gained to positive 8.16 from negative 8.00, while the shipments index reversed to positive 5.33 from negative 12.88, and unfilled orders improved to negative 4.49 from negative 7.61, the Fed said.
The delivery time index dropped to negative 1.12 from negative 1.09, while the inventories index increased to negative 8.99 from negative 11.96 in the prior survey. The prices paid index slid to 22.47 from 32.61, while the prices received index slipped to 4.49 from 8.70. The number of employees index increased to positive 3.37 from negative 5.43, while the average employee workweek index dropped to negative 4.49 from negative 2.17, the Fed reported.
Looking six months into the future, the general business conditions index fell to 6.74 from 13.04 last month. The new orders index slid to 12.36 from 13.04, while the shipments index climbed to 17.98 from 13.04, and unfilled orders reversed to positive 1.12 from negative 6.52, the Fed said. The delivery time index crept to negative 6.74 from negative 7.61, while the inventories index dropped to negative 15.73 from negative 2.17.
The prices paid index decreased to 40.45 from 53.26, while the prices received index fell to 17.98 from 22.83. The number of employees index gained to 6.74 from zero, while the average employee workweek index increased to negative 2.25 from negative 6.52, the Fed reported. The capital expenditures expectations index decreased to 7.87 from 9.78. The technology spending index fell to 1.12 from 7.61.
