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- Manufacturing activity in the New York region worsens more than forecast in September
Manufacturing activity in the New York region worsens more than forecast in September
The report from
the New York Federal Reserve showed on Monday that manufacturing activity in
the New York region worsened modestly in September.
According to
the survey, NY Fed Empire State manufacturing index came in at 2.0 this month
compared to an unrevised 4.8 in August, pointing to two months of modest growth
after a brief decline in activity in June.
Economists had
expected the index to drop to 4.0.
Anything below
zero signals contraction.
According to
the report, the new orders index declined three points to 3.5, pointing to a small
increase in orders, while the shipments index declined four points to 5.8, its
lowest level in nearly three years. Meanwhile, unfilled orders remained
negative for a fourth consecutive month, and inventories increased for a second
straight month. The index for number of employees rose to 9.7, pointing to an advance in employment levels after three months of
declines. On the price front, the prices paid index grew six points to 29.4,
and the prices received index surged five points to 9.2.
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