Business activity in the state of New York picked up for the first time in nearly a year, according to the September Empire State Manufacturing Survey published by the NY Federal Reserve Bank.
New order climbed and shipments grew significantly as the general business conditions index rose sixteen points to 11.5. Inventories leveled off and supply availability remained constant.
Employment contracted modestly. Soft labor market conditions prevailed as the average workweek held steady.
Firms were optimistic regarding conditions the coming months despite the capital spending index dipping below zero for the first time since 2020.
By Staff
