New York Manufacturing Index Unexpectedly Turns Negative In September
(RTTNews) - A report released by the Federal Reserve Bank of New York on Monday showed a substantial downturn by New York manufacturing activity in the month of September.
The New York Fed said its general business conditions index plunged to a negative 8.7 in September from a positive 11.9 in August, with a negative reading indicating contraction. Economists had expected the index to fall to a positive 5.0.
The index tumbled into negative territory for the first time since June after hitting its highest level since November 2024 in the previous month.
The much sharper-than-expected pullback by the headline index partly reflected significant downturns by new orders and shipments.
The report said the new orders index plummeted to a negative 19.6 in September from a positive 15.4 in August, while the shipments index dove to a negative 17.3 in September from a positive 12.2 in August.
The number of employees index also slid to a negative 1.2 in September from a positive 4.4 in August, suggesting employment was little changed after increasing for the prior three months.
The report also said the prices paid index slumped to 46.1 in September from 54.1 in August, while the prices received index dipped to 21.6 in September from 22.9 in August.
Looking ahead, the New York Fed said the future general business conditions index slipped to 14.8 in September from 16.0 in August, suggesting firms expect conditions to improve somewhat in the months ahead but optimism remains subdued.
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