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Financial News: New York Manufacturing Index Indicates Modest Contraction

New York Manufacturing Index Indicates Modest Contraction In September

09/15/2022 - 10:04:00 (RTTNews)

(RTTNews) - The Federal Reserve Bank of New York released a report on Thursday showing a notable rebound in regional manufacturing activity in the month of September.

The New York Fed said its general business conditions index surged to a negative 1.5 in September from a negative 31.3 in August, although a negative reading still indicates a contraction in regional manufacturing activity. Economists had expected the index to climb to a negative 13.0.

The bigger than expected rebound by the headline index partly reflected significant turnarounds in new orders and shipments.

The new orders index soared to a positive 3.7 in September from a negative 29.6 in August, while the shipments index spiked to a positive 19.6 in September from a negative 24.1 in August.

The number of employees index also rose to a positive 9.7 in September from a positive 7.4 in August, indicating slightly faster job growth.

On the inflation front, the prices paid index tumbled to a positive 39.6 in September from a positive 55.5 in August, while the prices received index slumped to a positive 23.6 in September from a positive 32.7 in August.

The report also showed the index for future business conditions rose to a positive 8.2 in September from a positive 2.1 in August.

However, the New York Fed said the latest reading suggests firms were still not very optimistic that business conditions would improve over the next six months.

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