Prior was +7.60
Manufacturing activity in New York State expanded in October, with the Empire State Manufacturing Survey’s general business conditions index climbing 18 points to 25.5, its highest reading since December 2021.
The stronger headline reading was supported by a sharp increase in new orders and a solid rise in shipments, pointing to improving business activity. The new orders index jumped 21 points to 23.2, while the shipments index rose 16 points to 13.1.
Unfilled orders also increased, with the index rising eight points to 14.0. Delivery times lengthened significantly, while supply availability deteriorated further, with the supply availability index falling three points to -15.1, its lowest level since June 2022. Inventories also increased.
Price pressures continued to be a concern for manufacturers. The prices paid index eased four points from last month’s four-year high to 59.5, while the prices received index rose three points to 30.6, indicating that selling price increases became more widespread.
Employment conditions remained relatively steady. The employment index held at 10.3, suggesting modest job growth, while the average workweek index came in at 9.1, pointing to an increase in hours worked.
Looking ahead, firms remained optimistic about future business conditions, although confidence moderated. The future business conditions index fell eight points to 21.0.
Manufacturers expect new orders and shipments to increase and employment to continue growing in the months ahead. However, supply availability is expected to worsen, while both future price indexes climbed further from already elevated levels, suggesting that expectations for price increases are becoming more widespread. Capital spending plans remained modest.
This article was written by Giuseppe Dellamotta at investinglive.com.
