Manufacturing conditions in New York State improved at a modest pace in September, though slowed compared to activity in August, according to the Empire State Manufacturing Survey, a report of state manufacturing conditions compiled by the Federal Reserve Bank of New York.
The general business conditions index fell to 6.29 in September, down about 2 points from August. The index came in under analyst's expectations, as economists polled by Marketwatch.com had anticipate the figure to grow to 9.4.
An index reading above zero means that manufacturing activity is growing. This is the fourth consecutive month that the index has been above zero, although September's reading is the lowest in that time.
The New York survey typically acts as an early indicator of national manufacturing conditions for the month.