The results for the September 2018 Empire State Manufacturing Survey are in, and once again firms are reporting solid growth. The industry has remained relatively steady throughout recent years, and firms are remaining optimistic about their six-month outlook. The survey indicates that new orders and shipments are up, and the labor market pointed to an increase in employment levels.
The headline general business conditions index showed ongoing strength, but moved down seven points to 19.0, pointing to a slower pace of growth than last month. New orders and shipments grew moderately. Delivery times continued to lengthen, and inventories moved higher. Labor market indicators pointed to an increase in employment levels and longer workweeks. Price indexes were little changed and remained elevated, suggesting ongoing significant increases in both input prices and selling prices. Looking ahead, firms remained fairly optimistic about the six-month outlook.