The Empire State Manufacturing survey general business-conditions index rose 2 points to 21.1 in October, signaling some acceleration in the pace of growth in New York’s manufacturing sector. The October reading is “pointing to a slightly faster pace of growth than in September,” the Federal Reserve Bank of New York said in the survey report […]
The Empire State Manufacturing survey general business-conditions index rose 2 points to 21.1 in October, signaling some acceleration in the pace of growth in New York’s manufacturing sector.
The October reading is “pointing to a slightly faster pace of growth than in September,” the Federal Reserve Bank of New York said in the survey report issued Oct. 15.
The latest month’s result is a rebound from the 7 point decline in September, which indicated a slowing of manufacturing growth.
A positive reading in the general business-conditions index indicates expansion or growth in state manufacturing activity, while a negative number shows a decline in the sector.
The survey found 36 percent of respondents reported that conditions had improved over the month, while 15 percent said that conditions had worsened.
Survey details
The new-orders index and the shipments index both showed “strong growth,” with the first index moving up 6 points to 22.5 and the second climbing 12 points to 26.3. Unfilled orders decreased, inventories “held steady,” and delivery times “continued to lengthen,” the New York Fed said.
The index for number of employees came in at 9.0 and the average-workweek index fell to 0.2, “indicating a modest increase in employment levels and no change in the length of the workweek.”
Price increases slowed somewhat but remained “elevated.” The prices-paid index fell 4 points to 42.0, and the prices-received index edged down to 14.3.
New York manufacturing firms remained “moderately optimistic” about the six-month outlook.
The index for future business conditions was “little changed” at 29.0, and the indexes for future new orders and shipments “pointed to continued solid growth.”
Respondents expected employment to increase in the months ahead, and the indexes for future prices “remained elevated.” The capital-expenditures index came in at 16.0, and the technology-spending index was at 9.2.
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.