NEW YORK - The Empire State Manufacturing Survey “improved significantly in October," the Federal Reserve Bank of New York today reported, as the general business conditions index increased to 34.57 in the month from 18.88 in September, the Fed reported.
Economists surveyed by Thomson Reuters had expected the index would be 18.00.
The new orders index grew to 30.82 from 19.84, while the shipments index soared to 35.08 from 5.34, and unfilled orders reversed to positive 2.60 from negative 4.76, the Fed said.
The delivery time index increased to 3.90 from 1.19, while the inventories index narrowed to negative 18.18 from negative 25.00 in the prior survey. The prices paid index decreased to 19.48 from 20.24, while the prices received index slid to negative 5.19 from negative 3.57. The number of employees index surged to positive 10.39 from negative 8.33, while the average employee workweek index improved to 20.78 from 5.95, the Fed reported.
Looking six months into the future, the general business conditions index gained to 55.69 from 52.29 last month. The new orders index rose to 52.36 from 42.93, while the shipments index soared to 53.28 from 39.50, and unfilled orders grew to 10.90 from 7.10, the Fed said. The delivery time index decreased to negative 6.49 from negative 1.19, while the inventories index narrowed to negative 5.19 from negative 17.86 in the prior survey.
The prices paid index decreased to 24.68 from 36.90, while the prices received index grew to 10.39 from 9.52. The number of employees index rose to 18.84 from 8.53, while the average employee workweek index increased to 20.78 from 15.48, the Fed reported. The capital expenditures expectations index climbed to 18.18 from 14.29. The technology spending index increased to 12.99 from 10.71.
