Empire: Growth Moderates in September

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Manufacturing activity in New York State eased modestly in September according to today’s Empire State Manufacturing Survey from the Federal Reserve Bank of New York. The headline general business conditions index fell 13 points m/n to a still positive reading of +7.6. Similarly, both the New orders and shipments indexes fell, but new orders remained positive at +2.0 while shipments moved into negative territory at -3.2.  The employment indexes were firm however, with employee count improving to +10.6 from +9.3 in July, and hours worked increasing 10.1 points m/m to 17.0.  Finally, the six-month forward looking indexes were mostly modestly lower in the September survey, with the general business conditions expectations index falling 3.1 points m/m to a still positive +29. The new orders and shipments expectations indexes were also down modestly but remained firmly in positive territory, while the capex expectations index was a touch lower but essentially unchanged at 14.9. The employment expectations index fell to +20.0 from +28.2, while the average workweek expectations index moved negative to -5.0 from +1.0 in August. 


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