New York manufacturing contracts for third month

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(Bloomberg) — A measure of New York state manufacturing contracted for a third straight month in October. A large share of factories are more bearish on economic conditions in early 2023.

The Federal Reserve Bank of New York’s general economic conditions index fell nearly 8 points to minus 9.1 in October, data showed on Monday. A reading below zero indicates contraction. The average forecast in a Bloomberg survey of economists called for a minus 4.3.

The Fed’s index of new orders was unchanged from last month’s 3.7, indicating slight growth. Export volume fell about 20 points to minus 0.3. It points to a moderate increase in the number of factories to some extent.

Looking ahead, The index for future economic conditions fell 10 points to minus 1.8; It was the second lowest level since 2009. Nearly 36% of respondents said they expect general economic conditions to weaken over the next six months.

With oil prices rebounding, prices paid rose for the first time since June. At the same time, Prices have changed little, holding well above pre-pandemic levels.

Survey responses were collected from October 3rd to 11th. The report is the first of a series of regional Fed bank factory indexes set to be released in the coming weeks.

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