New York manufacturing conditions worsen in October, Fed survey shows
The Empire State manufacturing index improved a tad in October but the results of the survey were nevertheless rather poor.
The headline index for the regional survey of factory conditions improved to a reading of -11.36 in October from -14.67 in the month before.
However, October marked the third consecutive reading below -10, the first such occurrence since 2009, the Federal Reserve bank of New York said in a statement.
Economists had been expecting a reading of -7.5.
A sub-index tracking new orders declined to a reading of -18.91 after a print of -12.91 in the month before.
A gauge of shipments also worsened, slipping to a reading of -13.61 following the prior month’s -7.98.
In parallel, a sub-index linked to the prices paid by firms retreated to 0.94 from 4.12 in September. Meanwhile, selling prices declined at the fastest pace since 2009.
Sub-indices linked to labour conditions in the sector were mixed, with the length of the average workweek lengthening but the number of employees decreasing slightly.