The Federal Reserve Bank of New York’s Empire State Manufacturing Survey for September indicated statewide manufacturing activity was little changed after a sharp drop in August. The current conditions index was -1.5 after rebounding +29.8 from August’s reading of -31.3 (a reading below zero indicates contraction from the previous month’s level). The index has been volatile recently, swinging up or down by an average of over 24 points over the last six months. September’s New Orders improved slightly and Shipments increased significantly, while Prices Paid and Prices Received continued their multi-month downtrend suggesting moderating inflationary pressure. See the full report here.