NEW YORK (Dow Jones/AP) — Manufacturing activity in New York State grew at a slower pace in September, with the overall New York Federal Reserve index slipping to a reading of 14.70 from an unrevised 25.06 in August.
Among the economists who forecast this index, the median expectation of 11 economists surveyed by Dow Jones Newswires was for a reading of 18.00.
The Bank said Monday in its Empire State Manufacturing Survey that ''conditions for New York manufacturers continued to improve in September, but at a slower pace than in the past few months.'' A positive reading indicates an improving manufacturing sector.
The index only began to be compiled in July 2001, but has gained market attention as a precursor of the Philadelphia Fed's manufacturing index (due to be released at 12 p.m. EDT on Thursday), which is itself seen as a proxy for the Institute for Supply Management's national manufacturing survey. On an ISM-equivalent basis the September Empire state index equaled a reading of 54.9, just a bit higher than the actual ISM reading of 52.9 in August.
The index measuring expectations six months from now slipped to a reading of 48.80 from 50.40 in August.
