Current manufacturing activity in NYS increased even as optimism plunged according to this month’s Federal Reserve Bank of NY Empire State Manufacturing Survey. The Current Business Conditions index climbed into positive territory at 9.1, its highest level since April (a reading above 0.0 is indicative of expansion). However, the Future Business Conditions index fell 24 points to -0.9, its sharpest drop in more than a year, signaling that state manufacturers are suddenly more pessimistic about the future. In a positive sign, Prices Paid and Prices received were back to pre-Covid levels suggesting moderating inflation, but both New Orders and Unfilled Orders descended deeper into negative territory. See the full report here.