News & Insights

Manufacturing activity in New York state increased in October, with the headline general business conditions index rising 19.4 points to 10.7. The new orders index jumped 23.3 points to 3.7, while the shipments index surged 31.7 points to 14.4. Unfilled orders stepped up from -6.9 to -3.9, while inventories advanced 3.9 points to -1.0, indicating that business inventories continue to shrink but at a slower pace. Delivery times improved, but supply availability decreased 1.9 points to -10.7.

Employment increased in October, with the index for the number of employees rising 7.4 points to 6.2. Meanwhile, the average employee workweek moved up slightly to -4.1 from -5.1 in September, signaling a modest drop in hours worked. The prices paid index rose 6.3 points to 52.4 while the prices received index moved up 5.6 points to 27.2, a reflection of a faster pace of increase for prices received and prices paid.

In October, firms’ optimism regarding the future rose to its highest level since January. The future business activity index climbed 15.5 points to 30.3. In the next six months, new orders are still expected to increase, and at an accelerated pace compared to last month at 34.9. The future employment index stepped up to 7.5, suggesting an anticipated faster pace of employment growth over the next six months. On the other hand, input prices are expected to rise at a faster pace, increasing from 57.8 to 65.0, while selling price expectations are forecasted to stay relatively consistent, inching up 0.6 points to 43.7. Meanwhile, capital spending plans improved but remained weak, moving up from -3.9 to -2.9.