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- Manufacturing activity in the New York region expands less than forecast in October
Manufacturing activity in the New York region expands less than forecast in October
The report from
the New York Federal Reserve showed on Tuesday that manufacturing activity in
the New York region expanded modestly in early October.
According to
the survey, NY Fed Empire State manufacturing index fell from 17.0 in September
to 10.5 in October, pointing to a slower pace of growth than in September.
Economists had
expected the index to come in at 15.0.
Anything below
zero signals contraction.
According to
the report, the new orders index increased five points to 12.3, and the shipments
index rose four points to 17.8, indicating ongoing gains in orders and
shipments. The employment index moved up five points to 7.2, indicating that
employment levels grew. Meanwhile, delivery times were little changed, while
unfilled orders and inventories fell. On the price front, the prices paid index was little
changed at 27.8, a sign that input prices grew at the same pace as last month, while
the prices received index held fairly steady at 5.3, indicating a small advance
in selling prices for a second consecutive month.
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