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- Manufacturing activity in the New York region expands more than forecast in September
Manufacturing activity in the New York region expands more than forecast in September
The report from
the New York Federal Reserve showed on Tuesday that manufacturing activity in
the New York region expanded at a solid pace in early September.
According to
the survey, NY Fed Empire State manufacturing index rose from 3.7 in August to 17.0
in September.
Economists had
expected the index to come in at 6.0.
Anything below
zero signals contraction.
According to
the report, the new orders index increased nine points to 7.1, pointing to a modest
advance in orders, and the shipments index rose seven points to 14.1,
indicating a significant gain in shipments. Meanwhile, the employment index held steady
at 2.6, indicating little change in employment levels. Elsewhere, unfilled
orders and inventories continued to decline, and delivery times were somewhat
longer. On the price front, the prices paid index climbed nine points to 25.2,
pointing to a pickup in input price increases, while the prices received index
edged up to 6.5, its highest level since March, indicating that selling prices rose
for the second consecutive month.
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