New York Fed's Manufacturing index softens, but orders increase

The New York Fed’s Empire State index fell to 4.1 in September from 7.1 in August. While this is a softer headline reading than forecasts, the subindexes of the survey do not corroborate the picture of slower manufacturing growth in early September.


The details of the report have a more encouraging feel to them than the slowing in the headline index. Orders picked up in September in the New York region, while shipments stabilized and employment growth edged higher. The six-month outlook for capital expenditures improved although overall optimism over that time frame fell again in September. There is no support for deflationary concerns in the price indexes in general and the prices paid data show continued commodity cost pressures for manufacturing.


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