Business activity was little changed in New York state, according to firms responding to the September 2023 Empire State Manufacturing Survey.
After dropping sharply last month, the general business conditions index reversed course and climbed twenty-one points to 1.9. Twenty-seven percent of respondents reported that conditions had improved over the month, while twenty-five percent reported that conditions had worsened.
According to the survey, the new orders and shipments indexes were up, while the inventories index contracted. There was also a slight decline in employment levels and in hours worked.
The prices paid index held steady at 25.8, pointing to little change in the pace of input price increases, while the prices received index rose seven points to 19.6, signaling a modest pickup in the pace of selling price increases.
The index for future business conditions rose six points to 26.3, its highest level in more than a year, suggesting that firms have become more optimistic about future conditions.
New orders and shipments are expected to increase significantly in the months ahead, and employment is expected to grow. Capital spending plans, however, remain somewhat weak.
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