Empire State Manufacturing Survey Flat

Empire State's sample continues to report flat conditions, at 2.0 for the headline index and the third straight low single-digit score. New orders are little better, at 3.5 points with unfilled orders in the negative column for a fourth straight month.

A prominent negative in the report is a significant decline in general optimism, as the six-month outlook fell a very sharp 12 points to only 13.7 which for this particular reading is a very low score. Reflecting the slump in the outlook, capital expenditures sank 19 points to 4.6 to its lowest level in three years. One positive is a rise in employment for the sample, at 9.7 to end three months of negative readings. Price indications also point to positive demand, with inputs up 6 points to 29.4 and selling prices up 5 points to 9.2.

But the bulk of September's report is flat to negative especially the six-month outlook which underscores this year's sluggish trend for the US manufacturing sector which continues to struggle with declining exports and general concern over tariff tensions and slowing global growth.