Empire State Manufacturing Index Rises To 21.1 In October
Editor's Note: Updating earlier story with more details from report.
(Kitco News) - The headline index in the New York Federal Reserve’s Empire State manufacturing survey climbed to a reading of 21.1 in October from 19.0 the prior month.
Going into the report, consensus expectations compiled by various news organizations had been for the reading to be roughly where it stood in September. Readings above zero in such diffusion indexes indicate economic expansion, and vice versa.
The index for new orders rose to 22.5 in October from 16.5 in September, while the reading for shipments surged to 26.3 from 14.3.
The readings for the inflation indexes pulled back. The one for prices paid eased to 42.0 from 46.3, while the one for prices received fell to 14.3 from 16.3
Likewise, the employment indexes were not as strong as in September. The reading for number of employees fell to 9.0 from 13.3, while the one for average employee work week fell to 0.2 from 11.5.