New York manufacturing index dips in September

The Empire State Manufacturing Survey general business-conditions index slid less than a point to 24.4 in September, still indicating a strongly expanding manufacturing sector.

The index had climbed 15 points in August to 25.2, its highest level since September 2014.

Despite the slight decline this month, the positive index reading indicates expansion or growth in manufacturing activity. The results of the September survey indicate that business activity “continued to grow strongly” for New York manufacturers, the Federal Reserve Bank of New York said in its news release issued Friday.

The survey found 40 percent of New York manufacturing respondents reported that conditions had improved over the month, while 16 percent said that conditions had worsened.

 Survey details

The new orders index rose four points to 24.9 and the shipments index climbed four points to 16.2, pointing to ongoing “solid” gains in orders and shipments, the New York Fed said.

Unfilled-orders increased, and delivery times continued to “lengthen.”

Labor-market indicators pointed to a “modest” increase in employment and hours worked.

Both input prices and selling prices rose at a “faster 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