Manufacturing activity in New York State accelerated in October as orders and hiring improved while backlogs and inventories shrank, according to a monthly Federal Reserve survey.
The Empire State Manufacturing Survey’s monthly index of general business conditions jumped to 15.73 in October from 4.14 in September. The larger the reading over zero, the greater the rate of month-to-month growth.
By The Numbers: ISM Monthly U.S. Manufacturing Index.
Growth was particularly strong in the index’s categories of new orders and employment. New orders rose to 12.9 from 4.33 while employment jumped to 21.67 from 14.93. Shipments increased to 19.39 from minus 0.27 in September. The inventories index fell to minus 11.67 from plus 1.49 in September.
The index measuring the six-month outlook jumped nearly nine points to 40.
The Empire State survey is compiled by the New York Fed from questionnaires sent to about 175 manufacturing executives in the state.
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