Federal Reserve Bank of New York (10/15/15)

Business conditions declined for a third consecutive month for New York manufacturers, according to the Federal Reserve Bank of New York’s October manufacturing survey. The general business conditions index edged up three points to -11.4, marking three straight months of readings below -10, the first such occurrence since 2009. The new orders index showed an ongoing decline in orders, falling six points to -18.9, a multiyear low. The shipments index fell six points to -13.6.

Labor market conditions worsened. The index for number of employees fell for a fourth consecutive month, slipping two points to -8.5 in a sign that employment levels were lower. The average workweek index remained negative at -7.6, pointing to shorter workweeks.