NY Fed: Empire State Manufacturing Index drops to 19 in September vs 23 expected

"Business activity continued to grow at a solid clip in New York State, according to firms responding to the September 2018 Empire State Manufacturing Survey. The headline general business conditions index showed ongoing strength, but moved down seven points to 19.0, pointing to a slower pace of growth than last month," the Federal Reserve Bank of New York announced on Monday.

Key quotes

• The new orders index was little changed at 16.5, and the shipments index fell eleven points to 14.3—readings that reflected moderate growth. 
• The index for number of employees held steady at 13.3 and the average workweek index was 11.5, indicating a modest increase in both employment levels and hours worked. 
• Price increases remained elevated. The prices paid index held steady at 46.3, and the prices received index came in at 16.3.
• Firms remained moderately optimistic about the six-month outlook, though optimism in recent months has been more temperate than earlier this year.