Empire State Manufacturing Survey Gives Bleak Results
The Empire State Manufacturing Survey reports New York manufacturers’ conditions worsened again in September. For the fourth month in a row, the survey shows negative readings, down to -8.8 this month. The general business conditions index, new orders, shipments, and inventories all reported negative readings for September.
It seems price increases have picked up as the prices paid and prices received indexes were up. The supplementary questions show manufacturers expect prices to keep rising. Employment indexes fell in September as employment levels and hours worked decreased. The six-month outlook is positive with business activity improvement expected; although, employment is not expected to rise.