New York manufacturing index climbs to highest level in three years in October

The Empire State Manufacturing Survey general business-conditions index rose six points to 30.2 in October, its highest level since 2014.

The index fell less than a point to 24.4 in September after climbing 15 points to 25.2 in August, which, at the time, was its highest level since September 2014.

A positive reading indicates expansion or growth in manufacturing activity, while a negative index number points to a decline in the sector.

The results of the October survey indicate that business activity “grew at a robust pace” for New York manufacturers, the Federal Reserve Bank of New York said in a news release issued Monday.

The survey found 40 percent of respondents reported that conditions had improved over the month, while 14 percent said that conditions had worsened.

Survey details

The new-orders index came in at 18.0 and the shipments index rose 11 points to 27.5 — readings that pointed to “ongoing solid gains” in orders and shipments, the New York Fed said.

Delivery times were slightly longer, and inventory levels decreased.

Labor-market indicators reflected a strong increase in employment and little change in hours worked.

Both input prices and selling prices rose at a “somewhat slower” pace than last month.

Indexes assessing the six-month outlook suggested that firms remained optimistic about future conditions.

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 / PHOTO CREDIT: Federal Reserve Bank of New York website