For the month of October, the general business conditions index of the Empire State Manufacturing Survey declined. The index fell twenty-one points to 6.2, signaling that the pace of growth slowed significantly from last month. The new orders index dropped nineteen points to -1.7, indicating a slight decline in orders, and the shipments index fell twenty-six points to 1.1, indicating that shipments were flat. The employment index rose seven points to 10.2, pointing to an increase in employment levels, while the average workweek index fell to a level just below zero, suggesting that hours worked held steady.
he decline in the general conditions index was driven by a drop in the share of respondents reporting that conditions had improved relative to the preceding month’s; this share fell from 46 percent to 25 percent in October, while the share of respondents reporting worsening conditions was little changed at 19 percent.
Bottom line; Money supply growth has been slow to sluggish and it is now being reflected in a decline in business conditions.
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