Business activity in New York State grew for the first time in nearly a year, according to corporate responses to the September 2024 manufacturing survey. The U.S. Federal Reserve New York manufacturing index recorded 11.5 for September. The survey showed new orders climbing, shipments rising significantly, lead times and supplies stabilizing, and inventories leveling off. Labor market conditions remain weak, employment continues to contract modestly, and average weekly hours worked remain stable. The pace of increase in input and selling prices has barely changed. While the capital expenditure index fell below zero for the first time since 2020, businesses have become more optimistic that things will improve in the coming months.