The October New York Fed manufacturing index showed a contraction in activity for the third consecutive month. In addition, the percentage of the most pessimistic producers on business conditions in early 2023 has increased.
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The new orders index stood at 3.7, unchanged from the previous month, suggesting slow growth. The shipping index fell about 20 points to minus 0.3. The employment index indicated a modest increase in employment.
The half-yearly economic index fell 10 points to -1.8, the second lowest since 2009. Nearly 36% of respondents said they expect general business conditions to deteriorate over the next six months.
The Purchase Price Index rose for the first time since June. This was in line with the recovery in crude oil prices. Although sales prices have remained broadly unchanged from the previous month, they continue to far exceed levels prior to the COVID-19 pandemic.
A survey of producers was conducted from 3 to 11 October.
See the table for detailed statistics.
Original title:New York manufacturing activity contracts for a third month(extract)
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