The Empire State Manufacturing Survey general business-conditions index fell 7 points to 19.0 in September, “pointing to a slower pace of growth than last month.”
The index had risen 3 points in August to 25.6 as “business activity expanded strongly.”
Despite the dip in the index, the September reading suggests “business activity continued to grow at a solid clip in New York,” according to firms responding” to the survey, the Federal Reserve Bank of New York said in its survey report issued Monday.
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A positive reading indicates expansion or growth in manufacturing activity, while a negative index number shows a decline in the sector.
The survey found 40 percent of respondents reported that conditions had improved over the month, while 21 percent said conditions had worsened.
Survey details
New orders and shipments grew moderately. Delivery times continued to lengthen, and inventories moved higher.
Labor-market indicators pointed to an increase in employment levels and longer workweeks.
Price indexes were little changed and remained elevated, suggesting “ongoing significant increases” in both input prices and selling prices.
Looking ahead, firms remained fairly optimistic about the six-month outlook.
The New York Fed distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York. On average, about 100 executives return responses.
Contact Reinhardt at ereinhardt@cnybj.com
Visual credit: Federal Reserve Bank of New York website
