Business Steady in NY with Optimism for Future

Written by Sandy Williams

Business conditions held steady for New York manufacturers according to the October Empire State Manufacturing Index. The general business index fell 5 points to 1.5 but remained in growth status. The new orders index rose 5 points while shipping fell 3 points, suggesting modest increases for both indexes for the month.

The prices paid index remained at 21.7 for the month and the prices received index dropped 6 points to 2.4. Labor conditions in New York were relatively steady for October.

New York manufacturers continued to show optimism in the six-month outlook with the future general index registering 40.8. Future orders and shipments are expected to increase along with pries paid. The future prices paid index rose 6 points to 45.8. Future prices received remained steady.

New Yorkers can look forward to increases in employment according to survey respondents.

In supplementary questions looking ahead one year, manufacturers said they expect an increase in borrowing needs and tighter credit availability.

The Empire State Manufacturing Survey is published by the Federal Reserve Bank of New York. It is based on a questionnaire sent to approximately 200 executives in the manufacturing industries and is compiled from responses typically received from 100 companies.

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