US Empire Fed manufacturing index for September 1.90 versus -10.00 estimate

<ul><li>Prior month -19.00 (was expecting -1.00)</li></ul><p>Details:</p><ul><li>New orders 5.1 versus -19.9 last month</li><li>Shipments 12.4 versus -12.3 last month</li><li>Prices paid 25.8 versus 25.2 last month</li><li>Prices received 19.6 versus 12.6 last month</li><li>Employment -2.7 versus -1.4 last month</li><li>Unfilled orders -5.2 versus -6.8 last month</li><li>Delivery times 2.1 versus 1.9 last month.</li><li>Inventories -6.2 versus -9.7 last month</li><li>Average work week -5.0 versus -10.7 last month</li></ul><p>6-month forward:</p><ul><li>6 month Business 26.3 vs 19.9 last month</li><li>New orders 34.8 versus 28.1 last month</li><li>Shipments 33.7 versus 29.6 last month</li><li>Prices paid 37.1 versus 37.9 last month</li><li>Prices received 28.9 versus 18.4 last month</li><li>Employment 15.9 versus 24.9 last month</li><li>Average work week 0.0 versus -1.0 last month</li><li>capital expenditures 10.3 versus 13.6 last month</li><li>Technology spending 5.2 versus 14.6 last month</li></ul><p>Summary from the NY Fed:</p><p>In September 2023, business activity in New York State remained relatively stable, as per the Empire State Manufacturing Survey. Key points from the survey include:</p><ol><li>General Business Conditions: The index for general business conditions increased by twenty-one points to 1.9.</li><li>Orders and Shipments: There was a rise in new orders and shipments, with the new orders index jumping twenty-five points to 5.1 and the shipments index increasing by the same margin to 12.4.</li><li>Unfilled Orders and Inventories: Unfilled orders continued to decrease, with the index at -5.2. Inventories also contracted, reflected by an index of -6.2.</li><li>Delivery Times: There was minimal change in delivery times, with the index slightly rising to 2.1.</li><li>Labor Market: Indicators showed a minor decline in employment levels, with the employment index at -2.7. The average workweek index was at -5.0, indicating a reduction in hours worked.</li><li>Pricing: The pace of input price increases remained consistent, while there was a modest increase in selling prices.</li><li>Future Outlook: Optimism about future business conditions grew, with the index for future conditions rising six points to 26.3, its highest in over a year. Firms anticipate a significant rise in new orders and shipments in the upcoming months, along with employment growth. However, capital spending plans appeared to be slightly weak.</li></ol><p>In summary, while business activity in New York State remained steady in September 2023, there's a growing optimism about the future, with expectations of increased orders, shipments, and employment.</p>

This article was written by Greg Michalowski at www.forexlive.com.