New York manufacturers reported increased activity in shipments and employment, resulting in a boost to a monthly gauge on the state’s manufacturing sector. The Empire State Manufacturing Survey general business-conditions index rose 6 points to 30.2 in October, its highest level in three years. The index fell less than a point to 24.4 in September after […]
New York manufacturers reported increased activity in shipments and employment, resulting in a boost to a monthly gauge on the state’s manufacturing sector.
The Empire State Manufacturing Survey general business-conditions index rose
6 points to 30.2 in October, its highest level in three years.
The index fell less than a point to 24.4 in September after climbing 15 points to 25.2 in August, which, at the time, was its highest level since September 2014.
A positive reading indicates expansion or growth in manufacturing activity, while a negative index number points to a decline in the sector.
The results of the October survey indicate that business activity “grew at a robust pace” for New York manufacturers, the Federal Reserve Bank of New York said in a news release issued Oct. 16.
The survey found 40 percent of respondents reported that conditions had improved over the month, while 14 percent said that conditions had worsened.
Survey details
The new orders index fell 7 points, but at 18.0, pointed to “solid gains” in orders. The shipments index advanced 11 points to 27.5, its highest level in “several” years.
The unfilled-orders index moved down 7 points to 2.3. The delivery-time index fell 12 points to 3.1, a level indicating “slightly longer” delivery times, and the inventories index fell 14 points to -7.8, a sign that inventory levels “declined modestly.”
The index for number of employees rose 5 points to 15.6, suggesting that employment “expanded more strongly” this month.
The average-workweek index registered zero, indicating that the average workweek “held steady.”
Prices increased at a “somewhat slower” pace than last month: the prices-paid index fell 9 points to 27.3, and the prices-received index moved down 7 points to 7.0.
Indexes assessing the six-month outlook suggested that firms “continued to be optimistic” about future conditions.
The index for future business conditions climbed 6 points to 44.8, and the index for future new orders also came in at 44.8. Employment was expected to “increase modestly.”
The capital-expenditures index edged down 3 points to 21.9, and the technology-spending index was “little changed” at 16.4.
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.
