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NY manufacturers see business still slowing down

Manufacturing on subway cars in the Kawasaki Rail

Manufacturing on subway cars in the Kawasaki Rail Car plant in Yonkers. (Aug. 1, 2007) Credit: Bloomberg News, 2007

Manufacturers in New York State reported continued weakness in business conditions for the third month in a row in October, according to the Empire Manufacturing Survey -- a monthly report of manufacturing activity released by the Federal Reserve Bank of New York.

Although the index for general business conditions jumped about four points to negative 6.2 from negative 10.4 in September, the negative reading indicates that manufacturing has continued to slow.

New orders also continued to decline, despite the fact the index reading increased compared to September, moving up to negative 9.0.

In September, both the general business index and new orders index reported the lowest figures since 2010.

A series of supplementary questions with the October survey asked state manufacturers about their need for financial loans last year. More than 26 percent of manufacturers said their borrowing needs had increased during the past year, compared to 17 percent that reported a decrease.

Nationwide, manufacturing took a positive turn for the first time since May. The Institute for Supply Management reported earlier this month that manufacturing activity index in the U.S. for September was 51.5. A number above 50 indicates the sector grew.

Photo: A manufacturing plant in Yonkers.

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