Growth In New York Manufacturing Activity Unexpectedly Accelerates In October
October 15 2019 - 5:12AM
RTTF2
The Federal Reserve Bank of New York released a report
unexpectedly showing a modest acceleration in the pace of growth in
regional manufacturing activity in the month of October.
The New York Fed said its headline general business conditions
index edged up to 4.0 in October after dipping to 2.0 in September,
with a positive reading indicating an increase in regional
manufacturing activity.
The modest uptick came as a surprise to economists, who had
expected the general business conditions index to slip to 0.8.
The unexpected increase by the headline index partly reflected a
notable acceleration in the pace of growth in shipments, with the
shipments index jumping to 13.0 in October from 5.8 in
September.
The report also said the new orders index came in unchanged from
the previous month at 3.5, pointing to a small increase in
orders.
Meanwhile, the number of employees index dipped to 7.6 in
October from 9.7 in September, indicating a slowdown in the pace of
job growth.
The prices paid index also slid to 23.1 in October from 29.4 in
September, while the prices received index dropped to 6.3 from
9.2.
Looking ahead, the New York Fed said indexes assessing the
six-month outlook suggest that optimism about future conditions
improved somewhat but remained subdued.
The index for future business conditions rose to 17.1 in October
from 13.7 in September but remained well below the levels seen for
much of the past few years.
On Thursday, the Philadelphia Fed is scheduled to release a
separate report on regional manufacturing activity in the month of
October.
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