Economic Buzz: New York Business Conditions Fall To -9.1 In October

18 Oct 2022 , 09:16 AM

A report released by the Federal Reserve Bank of New York on Monday showed regional manufacturing activity has contracted by more than expected in the month of October. The New York Fed said its general business conditions index slid to a negative 9.1 in October from a negative 1.5 in September, with a negative reading indicating a contraction in regional manufacturing activity. The bigger than expected decrease by the headline index was partly due to a steep drop by the shipments index, which tumbled to a negative 0.3 in October from a positive 19.6 in September. The report also showed a modest slowdown in the pace of job growth, as the number of employees index dipped to 7.7 in October from 9.7 in September. Meanwhile, the new orders index was unchanged from the previous month at 3.7, indicating a slight increase in orders. The prices paid index jumped to 48.6 in October from 39.6 in September, rebounding after falling significantly over the prior three months, while the prices received index edged down to 22.9 from 23.6. Looking ahead, the New York Fed said firms do not expect business conditions to improve over the next six months, with the index for future business conditions slumping to a negative 1.8 in October from a positive 8.2 in September.Powered by Commodity Insights