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New York September Empire State Manufacturing Index Holds Near 3-Year Highs

The New York Empire State Manufacturing Survey declined slightly to 24.4 for September from 25.2 previously, although this was significantly above consensus expectations of 19.0.

The shipments index increased to 16.2 from 12.4 previously while the new orders component increased to 24.9 from 20.6 in August. There was also a sharp turnaround in unfilled orders to a reading of 13.6 from -4.7 previously which will boost confidence in near-term production plans.

There was a further increase for delivery times while the inventories index moved back into positive territory
The number of employees increased at a faster pace while there was a further increase in the average workweek, although the pace slowed slightly.

The prices paid index rose significantly to 35.8 from 31.0 and there was an increase in the prices received index to 13.8 from 6.2.

Forward-looking indicators moderated slightly with the overall 6-month outlook at 39.3 from 45.2 previously while employment was expected to increase further.

The data overall suggests the regional manufacturing sector is continuing to register strong growth which should also boost overall confidence in the outlook.

New York Empire Index