The Empire State Manufacturing Survey “indicates that conditions for New York manufacturers weakened in September,” the Federal Reserve Bank of New York reported yesterday. The general business conditions index reversed into negative territory, declining to negative 7.41 in September from positive 2.77 in August.
Economists surveyed by IFR Markets had expected the index would be positive 0.50.
The new orders index reversed to positive 4.38 from negative 2.20, while the shipments index rose to positive 0.64 from negative 0.86, and unfilled orders narrowed to negative 3.45 from negative 8.99.
The delivery time index decreased to negative 4.60 from negative 3.37, while the inventories index reversed to negative 2.30 from positive 5.62 in the prior survey. The prices paid index fell to 44.83 from 65.17, while the prices received index dipped to 24.14 from 32.58. The number of employees index decreased to negative 4.60 from negative 4.49, and the average employee workweek index fell to negative 5.75 from positive 1.12, the Fed reported.
Looking six months into the future, the general business conditions index grew to 43.11 from 34.58 last month. The new orders index dipped to 46.27 from 47.29, while the shipments index jumped to 49.51 from 45.37, and unfilled orders declined to 0.44 from 7.79, the Fed said. The delivery time index narrowed to negative 2.30 from negative 8.99, and the inventories index slipped to zero from positive 3.37 in the prior survey.
The prices paid index dipped to 48.28 from 69.66, and the prices received index decreased to 42.53 from 52.81. The number of employees index rose to 18.82 from 14.71, while the average employee workweek index slipped to 4.60 from 6.74. The capital expenditures expectations index rose to 16.09 from 14.61. The technology spending index nearly tripled to 14.94 from 5.62.