The latest Empire State Manufacturing Index indicated that conditions for manufacturing in New York continued to worsen and remained significantly below levels of earlier in the summer. The index, now at its lowest level since July 2009, fell to 4.1 in September from 7.1 in August. Economists had expected a slight increase to 7.5.
However, a slight uptick in U.S. import prices might alleviate fears of deflation. Import prices rose 0.6% in August from July, in part because of higher energy and food pr ices. Still, prices are up only 4.1% from August 2009.
U.S. industrial production also experienced a mild increase in August. Production rose 0.2% in the second straight month of growth. Capacity utilization increased, as well, to 74.7%, but operating rates remained below the 1972-2009 average of 80.6%. As consumer spending has seemingly weakened, the manufacturing sector remains a key area of growth for the struggling economy.
(mixed, but uptrend is kept.)
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