Empire State Manufacturing Hits Multiyear High
The New York Federal Reserve has released the Empire State Manufacturing survey for the month of September. The September 2014 Empire State Manufacturing Survey indicates that business activity ramped up its pace for New York manufacturers.
The headline general business conditions index rose to a multiyear high at 27.5, an increase of 13 points, against a Bloomberg estimate of 15.9. This is up from the August reading of 14.69 where the index slowed from July.
The new orders index moved up three points to 16.9, and the shipments index increased two points to 27.1. We did see that the unfilled orders index fell three points to -10.9.
The prices paid index is not very inflationary as it decreased three points to 23.9, indicating a slower pace of input price increases. Also, the prices received index climbed 9 points to 17.4, suggesting an acceleration in the pace of selling price increases.
Indexes for the six-month outlook conveyed a high degree of optimism about future business conditions and employment indexes showed a slight increase in employment levels and hours worked.
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Filed under: Economy