NEW YORK - The Empire State Manufacturing Survey showed “conditions held relatively steady in New York's manufacturing sector in September,” the Federal Reserve Bank of New York today reported, as the general business conditions index declined to 4.14 in the month from 7.10 in August, the Fed reported.
Economists surveyed by Thomson Reuters had expected the index would rise to 8.2.
The new orders index grew to positive 4.33 from negative 2.71, while the shipments index narrowed to negative 0.27 from negative 11.50, and unfilled orders improved to negative 5.97 from negative 10.00, the Fed said.
The delivery time index slumped to negative 11.94 from zero, while the inventories index decreased to 1.49 from 2.86 in the prior survey. The prices paid index rose to 22.39 from 20.00, while the prices received index reversed to positive 1.49 from negative 2.86. The number of employees index crept to 14.93 from 14.29, while the average employee workweek index inched up to 7.46 from 7.14, the Fed reported.
Looking six months into the future, the general business conditions index decreased to 31.34 from 35.71 last month. The new orders index slipped to 25.37 from 31.43, while the shipments index gained to 28.36 from 25.71, and unfilled orders reversed to negative 4.48 from positive 4.29, the Fed said. The delivery time index dropped to negative 5.97 from negative 5.71, while the inventories index increased to 2.99 from 2.86.
The prices paid index jumped to 35.82 from 30.00, while the prices received index fell to 14.93 from 22.86. The number of employees index declined to 16.42 from 20.00, while the average employee workweek index slipped to 5.97 from 7.14, the Fed reported. The capital expenditures expectations index jumped to 25.37 from 22.86. The technology spending index increased to 14.93 from 8.57.
