New York manufacturing declines for third straight month in October

The Empire State Manufacturing Survey general business-conditions index registered a reading of -11.4, declining for a third consecutive month in October.

The index figure of -11.4 was up three points from September’s -14.7 reading, the Federal Reserve Bank of New York reported on Thursday.

The index has generated readings below -10 for three straight months for the first time since 2009, the New York Fed said.

The survey found that 21 percent of respondents reported that conditions had improved over the month, while 33 percent said that conditions had worsened.

The findings also indicated that new orders, shipments, and unfilled orders all declined at a “steeper pace” than last month.

Price indexes suggested that input prices “held steady,” while selling prices declined at the fastest pace since 2009.

Labor-market indicators pointed to a continued decline in employment levels and hours worked.

Indexes for the six-month outlook were “little changed” from last month, and suggested that optimism about future conditions remained “tepid.”

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