NY manufacturers paint gloomy picture

September 16, 2011 Updated Sep 16, 2011 at 7:47 AM EDT

By WKBW News

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NY manufacturers paint gloomy picture

September 16, 2011 Updated Sep 16, 2011 at 7:47 AM EDT


New York manufacturers' conditions worsened for a fourth consecutive month, the Federal Reserve Bank of New York Buffalo branch said Thursday.

The monthly Empire State Manufacturing Survey shows general business conditions dropped one point to -8.8, new orders remained at -8.0 and the shipments index fell 16 points to -12.9.

A reading of zero indicates no increase or decrease in activity from the previous month.

Federal Research economist Richard Deitz said the main point of the survey is that key indicators are in negative territory and continuing to drop.

"Manufacturing conditions have remained weak for four consecutive months," Deitz said. Manufacturers' employment is down and so is the average numbers of hours employees worked in a workweek, he said.

There was some positive news: 37 percent of respondents believe conditions will be better in six months. But even that is down from surveys in January through May, when more than 50 percent felt conditions were improving.

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