Key Economic Data in October

The Empire State Manufacturing Index indicated steady business conditions for New York manufacturers in October. The general business index fell 5 points to 1.5 but remained in growth status.  The new orders index rose 5 points while shipping fell 3 points, suggesting modest increases for both indexes for the month.  The prices paid index remained at 21.7 for the month and the prices received index dropped 6 points to 2.4.  New York manufacturers continued to show optimism in the six-month outlook with the future general index registering 40.8.  Future orders and shipments are expected to increase along with prices paid.   The future prices paid index rose 6 points to 45.8.  Future prices received remained steady. 

The October PMA Business Conditions Report forecasts decline in business activity for the next three months according to a survey of metalforming companies by the Precision Metalforming Association. Incoming orders are expected to decline over the next three months.  The forecast was similar to September’s predictions but PMA President William E. Gaskin indicated the pessimism may be due to concern over the federal budget situation.