Empire State manufacturing index misses estimates in September

Business conditions in the New York region improved less than expected in September, remaining in contraction territory, according to a survey from the New York Fed.

The Empire State manufacturing index remained in negative territory but nudged up to -2.0 from -4.2 in August. This was below economists’ expectations for a reading of -0.5.

The new orders index declined eight points to -7.5 while the shipments index was 18 points weaker a -9.4.

Labour market conditions weakened, with both employment levels and the average workweek reported as lower.

Meanwhile, the index for future business conditions was up 11 points to 34.5.