Although New York's business conditions experienced a 7-point decrease to -4.6, there was a slight improvement in the labor market, and companies sustained a positive outlook for the next six months.
Manufacturing in New York State experienced a decline in October, with a notable seven-point drop in the general business conditions index to -4.6. This decline was underscored by a decrease in new orders and stagnant shipments. While 24% of the surveyed firms reported improved conditions, 29% indicated a downturn.
Inventories remained relatively stable, with the index just below zero at -2.1. Unfilled orders saw a significant decline, reflected by a score of -19.1. Additionally, delivery times shortened, as indicated by a rating of -6.4, suggesting some alleviation in supply chain issues.
The labor market exhibited marginal improvement, with increases in employment levels and average workweek hours. Despite the manufacturing downturn, the prices paid index held steady at 25.5, indicating stable input costs. However, selling prices showed moderation, with the prices received index falling to 11.7.
Firms maintained a relatively positive view of the six-month horizon, although the future business conditions index slipped three points to 23.1. Expectations for new orders, shipments, and employment were cautiously optimistic, though slightly less so than the previous month.
Despite the current downturn, firms hold a degree of optimism for the near future. However, given the overall downward trajectory in key indicators, the short-term outlook for New York State’s manufacturing sector leans more towards neutral to pessimistic."
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