New York manufacturing index slides further in October

The Empire State Manufacturing Survey general business-conditions index fell 8 points to -9.1 in October.

The index had climbed 30 points to -1.5 in September. The general business-conditions index is the monthly gauge on New York’s manufacturing sector.

The September reading — based on firms responding to the survey — indicates that business activity “declined modestly” in New York, the Federal Reserve Bank of New York said in its Monday report.

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

The survey found 23 percent of respondents reported that conditions had improved over the month, while 32 percent indicated that conditions had worsened, the New York Fed said.

Survey results show that the shipments index plunged 20 points to -0.3, “pointing to a levelling off of shipments after they increased significantly last month,” the New York Fed said.

The Federal Reserve Bank of New York 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.