Research >> Economics
Empire State Manufacturing Survey conditions improved significantly
|
The Empire State Manufacturing Survey indicates that conditions for New York manufacturers improved significantly in October. The general business conditions index climbed 16 points to 34.6, its highest level in five years. The new orders index rose 11 points, and the shipments index shot up 30 points, to 35.1. Both employment indexes were positive for the first time in more than a year. Price indexes were little changed, with the prices paid index remaining positive while the prices received index hovered just below zero. Future indexes advanced to relatively high levels, indicating that respondents expect conditions to improve further in the months ahead.
In response to a series of supplementary questions on credit issues, manufacturers reported that credit conditions have tightened over the past year while firms’ borrowing needs have eased (see Supplemental Report tab). Over the past three months, however, there appears to have been little change in borrowing needs and only a modest decline in credit availability, on net. The survey also points to increased borrowing costs over the past three months, but little change in credit limits (ceilings). These findings are fairly close to those obtained in March, when these questions were previously asked.
Posted: October 15, 2009 Thursday 08:30 AM