Federal Reserve Bank of New York (09/15/15)

The September 2015 Empire State Manufacturing Survey indicates that business activity declined for a second consecutive month for New York manufacturers. After tumbling nineteen points last month to its lowest level since 2009, the general business conditions index was little changed at -14.7. Twenty percent of respondents reported that conditions had improved over the month, while 35% reported that conditions had worsened. Though a few points higher than last month, the new orders index remained negative at -12.9, indicating that orders continued to slide, and the shipments index, at -8.0, pointed to an ongoing decline in shipments.

Labor market conditions worsened, with declines in employment levels and hours worked. The index for number of employees fell below zero for the first time in well over two years, slipping eight points to -6.2, and the average workweek index dropped to -10.3. Indexes for the six-month outlook displayed less optimism about future conditions than in August. The index for future business conditions fell 10 points to 23.2.