Empire State Manufacturing Index Better Than Expected

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The Federal Reserve Bank of New York’s Empire State Manufacturing Index came in better than expected in October. The General Business Conditions component increased to 10.7 from the prior month’s -8.7. New orders also moved into positive territory, coming in at 3.7 from September’s -19.6, and shipments followed suit, moving from -17.3 in September to 14.4 in October. Employment was up modestly, but the average workweek measure declined. Pricing pressure increased somewhat, with both prices paid and prices received indices moved higher. Overall though, business optimism increased, with the general conditions expectations index increasing 15.5 points m/m in October to 30.3.

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