Connect With PPD
Follow Us:
Economy

Empire State Manufacturing Survey Surges in October to 3-Year High

A factory worker at a New York manufacturing plant. (Photo: Reuters)

The Empire State Manufacturing Survey, a regional gauge of factory activity by the New York Federal Reserve, surged to the highest level in more than 3 years in October.

The general business conditions index climbed 5.8 points to 30.2 in October, easily beating the forecast.

That’s the highest the general business conditions index has been since September 2014 and was last exceeded back in October 2009.

Shipments, at 27.5, are at their highest level since October 2009. New orders, at 18.0, were down 7 points but still at unusual strength.

The employment index rose 5 points to 15.6, indicating the strongest rate of hiring since March 2015. The average workweek index registered at zero, suggesting that the average workweek held steady.

The prices paid index fell 9 points to 27.3 and the prices received index moved down 7 points to 7.0.

The future business conditions index gained another 6 points to 44.8 and the index for future new orders also came in at 44.8. The results indicate that firms are still very optimistic about the next 6 months, though employment was expected to increase modestly from this point. The capital expenditures index edged down 3 points to 21.9 and the technology spending index was basically unchanged at 16.4.

READ FULL STORY

SubscribeSign In
PPD Business Staff

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

Share
Published by
PPD Business Staff

Recent Posts

Media’s Worst Russian Collusion Sins May Soon Be Repeated

The most damning journalistic sin committed by the media during the era of Russia collusion…

1 year ago

Study: Mask-Mandates and Use Not Associated With Lower Covid-19 Case Growth

The first ecological study finds mask mandates were not effective at slowing the spread of…

3 years ago

Barnes and Baris on Big Tech’s Arbitrary Social Media Bans

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris note how big tech…

4 years ago

Barnes and Baris on Why America First Stands With Israel

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris discuss why America First…

4 years ago

Personal Income Fell Significantly in February, Consumer Spending Weaker than Expected

Personal income fell $1,516.6 billion (7.1%) in February, roughly the consensus forecast, while consumer spending…

4 years ago

Study: Infection, Vaccination Protects Against Covid-19 Variants

Research finds those previously infected by or vaccinated against SARS-CoV-2 are not at risk of…

4 years ago

This website uses cookies.