New York manufacturing index jumps to highest level in five years

The Federal Reserve Bank of New York reported today that its Empire State Manufacturing Survey general business-conditions index rose nearly 13 points to 27.5 in September, its highest level since late 2009.

The September figure is up from 14.7 in August, which represented a decline of 11 points compared to the July reading of 25.9.

The September survey found 46 percent of respondents reported that conditions had improved over the month, while 18 percent said that conditions had worsened, the New York Fed said in a news release posted on its website.

The new-orders index moved up three points to 16.9, and the shipments index advanced two points to 27.1, according to the latest survey.

The unfilled-orders index fell three points to -10.9.

The prices-paid index declined three points to 23.9, indicating a “slower pace” of input price increases, while the prices-received index climbed nine points to 17.4, suggesting “a pickup in the pace” of selling price increases, according to the New York Fed.

Employment indexes indicated a “slight increase” in employment levels and hours worked.

Indexes for the six-month outlook conveyed a “high degree of optimism” about future business conditions, the survey report said.

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, it says.

Contact Reinhardt at ereinhardt@cnybj.com