New York manufacturing growth expanded for September, but at a slower rate than the previous month, according to a new report (link opens as PDF) released today by the New York Federal Reserve.
Comprised of surveys from around 100 New York executives, The Empire State Manufacturing Survey attempts to determine whether certain components of manufacturing have experienced growth (positive number), or contraction (negative number). Investors watch New York manufacturing (and other regions, as well) as a possible signal of larger economic upswings or downturns.
For September, the survey's general business conditions index clocked in at 6.29, less than August's 8.24 reading but the fourth consecutive month of growth, nonetheless. Analysts had expected September to come out swinging, and this month's reading didn't hold up to their 9.00 expectations.
Digging deeper, September's slower growth doesn't seem to be affecting the new orders component, which expanded from 0.27 in August to 2.35. Shipments leaped from 1.47 to 16.43, but unfilled orders dropped another 0.4 points to hit -6.45, while employment fell 3.3 points to 7.53.
Despite the slower month, manufacturers' six-month outlook is even more positive. The overall index increased 3.2 points to 40.64, with new orders expanding 8.2 points to 38.17.