Conditions for New York manufacturers continued to weaken in September, the Federal Reserve Bank of New York’s Empire State Manufacturing Survey shows.
The general business conditions index fell five points to -10.4; its lowest level since November 2010. Some 18 percent of respondents reported conditions had improved, while 29 percent indicated conditions had worsened.
The new orders index fell nine points to -14, its third consecutive negative reading and its lowest reading since late 2010. The shipments index was down marginally for the month at 2.8, and the unfilled orders index slipped to -14.9. The delivery time index, however, rose more than nine points to 2.1, its first positive reading since April.
The inventories index rose to zero, suggesting no change in inventory levels.
The prices paid index rose by slightly less than three points in September, to 19.2. The prices received index edged up to 5.3, a rise of almost three points for the month. The index for number of employees fell more than 12 points to 4.3, its lowest level of the year. The average workweek index edged down, remaining close to a neutral reading of zero.
After falling for seven consecutive months, the future general business activity index climbed 12 points to 27.2
In a series of supplementary questions, manufacturers were asked about recent and expected changes in their selling prices. Firms, on average, indicated prices they charged had risen by roughly 1 percent over the past year, and were expected to rise by just under 2 percent in the year ahead.
(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
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