New York Manufacturing Index Pulls Back Sharply But Remains Positive
(RTTNews) - The Federal Reserve Bank of New York released a report on Tuesday showing its reading on regional manufacturing activity fell by much more than expected in the month of September but still indicated growth.
The New York Fed said its general business conditions index slumped to 7.6 in September from 20.6 in August. While a positive reading still indicates growth, economists had expected the index to show a more modest decrease to 14.1.
The much sharper-than-expected pullback by the index came a month after it jumped to its highest level in over four years.
A downturn in shipments weighed on the headline index, with the shipments index tumbling to a negative 3.2 in September from a positive 11.7 in August.
The new orders index also plunged to 2.0 in September from 17.3 in August, indicating a notable slowdown in the pace of growth.
Meanwhile, the report said the number of employees index crept up to 10.6 in September from 9.3 in August, suggesting solid growth in employment levels.
The prices paid index also climbed to a four-year high of 63.1 in September from 58.6 in August, while the prices received index rose to 28.1 in September from 22.7 in August.
Looking ahead, the New York said firms maintained an optimistic outlook for business activity, although the index for future business conditions fell to 29.0 in September from 32.1 in August.
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