NY manufacturing grows faster than expected in Oct

NEW YORK, Oct 15 (BestGrowthStock) – A gauge of manufacturing in
New York State jumped in October, lifted by improvements in new
orders and shipments, the New York Federal Reserve said in a
report on Friday.

The New York Fed’s “Empire State” general business
conditions index rose to 15.73 in October from 4.14 in
September.

Economists polled by Reuters had expected a reading of 6.50
for October.

New orders index climbed to 12.90 in October from 4.33 the
previous month, and shipments advanced to 19.39 from -0.27.

The inventories index, however, fell below zero and hit its
lowest level since January.

Employment gauges were mixed. The index for the number of
employees climbed to 21.67 in October from 14.93. The average
employee workweek index dipped to 3.33 from 7.46.

The index of business conditions six months ahead rose to
40.00 in October from 31.34 in September.

The survey of manufacturing plants in the state is one of
the earliest monthly guideposts to U.S. factory conditions.
(Reporting by Wanfeng Zhou and Rodrigo Campos; Editing by
Chizu Nomiyama)

NY manufacturing grows faster than expected in Oct