The Federal Reserve Bank of New York released the Empire State Manufacturing Survey for the month of October on Wednesday morning. Overall the reading for the survey signals that business activity is slowing down for New York manufacturers, after a roaring month of September.

The reading for general business conditions came in at 6.17, against a Bloomberg consensus estimate of 20.50. The October reading is over 21 points below the previous level 27.54, which was a multiyear high.

The new orders index fell 19 points to -1.7, indicating a slight decline in orders. Shipments index fell flat 26 points to 1.1. Unfilled orders index rose slightly but remained negative at -4.5.

On a bright note, the employment index rose 7 points to 10.2, while the average workweek index fell just below 0.

Hopes of inflation are fleeting, as the prices paid index fell 13 points to 11.4, its lowest level in two years. The prices received index fell 11 points to 6.8. Both price indexes falling indicated a slower pace of growth in both input and selling prices.

The index for future general business conditions fell 5 points to 41.7, while the future new orders index fell 3 points to 42.3 and future shipments fell 5 points to 42.5. The index for expected number of employees dropped to 12.5.

Indexes for the six-month outlook were somewhat lower than September but still continued conveyed optimism.

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