NY manufacturing index dips slightly in September, still indicates growth

The Empire State Manufacturing Survey’s general business-conditions index edged down two points to 6.3 in September, the Federal Reserve Bank of New York reported today.

Because the index remained in positive territory for a fourth straight month, the results indicated that conditions for New York manufacturers continued to “improve modestly,” according to the New York Fed.

The new-orders index inched up two points to 2.4, while the shipments index jumped nearly 15 points to 16.4, its highest level in “considerably more than a year,” according to the survey.

The prices-paid index was little changed at 21.5, while the prices-received index climbed another five points to 8.6.

The survey found labor-market conditions were “mostly steady,” according to the New York Fed.

The index for number of employees fell three points to 7.5 and the average-workweek index edged down to a “neutral” reading of 1.1, the New York Fed said.

Indexes for the six-month outlook revealed “increasingly widespread optimism” about future business activity.

The future general-business conditions index rose for the third straight month, climbing three points to 40.6, its highest level since the spring of 2012, according to the New York Fed.

In response to a series of supplementary questions, manufacturers said that their selling prices rose less than one percent, on average, over the past year. They also predicted an increase of 1.5 percent, on average, over the next 12 months.

These increases roughly matched those reported in last September’s parallel survey, according to the New York Fed.

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