The Empire State Manufacturing Survey showed “conditions for New York manufacturers worsened for a fourth consecutive month in September,” the Federal Reserve Bank of New York reported Thursday as the general business conditions index declined to negative 8.82 in September from negative 7.72 in August.
Economists surveyed by Thomson Reuters had expected the index would rise to negative 4.00.
The new orders index dropped to negative 8.00 from negative 7.82, while the shipments index plunged to negative 12.88 from positive 3.01 and unfilled orders improved to negative 7.61 from negative 15.22, the Fed said.
The delivery time index dropped to negative 1.09 from zero and the inventories index decreased to negative 11.96 from negative 7.61 in the previous survey. The prices paid index rose to 32.61 from 28.26, while the prices received index climbed to 8.70 from 2.17. The number of employees index decreased to negative 5.43 from positive 3.26, while the average employee workweek index remained at negative 2.17.
Looking six months into the future, the general business conditions index rose to 13.04 from 8.70 last month. The new orders index grew to 13.04 from 6.52, the shipments index climbed to 13.04 from 7.61, and unfilled orders remained at negative 6.52, the Fed said.
The delivery time index dropped to negative 7.61 from negative 5.43 and the inventories index slipped to negative 2.17 from positive 7.61.
The prices paid index increased to 53.26 from 42.39 and the prices received index jumped to 22.83 from 15.22. The number of employees index dropped to zero from 6.52, while the average employee workweek index decreased to negative 6.52 from negative 4.35, the Fed reported. The capital expenditures expectations index increased to 9.78 from 8.70. The technology spending index rose to 7.61 from 2.17.