New York Fed’s Manufacturing Index Shrinks for Third Consecutive Month, Growing Pessimism – Bloomberg

October’s New York Fed’s manufacturing index showed contraction in activity for the third straight month. In addition, the percentage of manufacturers who are more pessimistic about business conditions in early 2023 increased.

Key Point
NY Fed manufacturing business index is minus 9.1 Down nearly 8 points from -1.5 in the previous month Market forecast minus 4.3 Zero is the boundary between activity expansion and contraction

The index for new orders was 3.7, unchanged from the previous month, suggesting slow growth. The shipment index fell about 20 points to minus 0.3. The employment index indicated a modest increase in employment.

The six-month economic index fell 10 points to -1.8, the second lowest since 2009. Nearly 36% of respondents said they expect general business conditions to deteriorate over the next six months.

The purchase price index rose for the first time since June. This was in line with the recovery in crude oil prices. Although sales prices have remained almost unchanged from the previous month, they continue to greatly exceed the levels before the COVID-19 pandemic.

A survey of manufacturers was conducted October 3-11.

See table for detailed statistics.

Original title:New York Manufacturing Activity Contracts for a Third Month(excerpt)

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