Tuesday, October 15, 2013

NY Fed: Empire State Manufacturing Activity "held steady" in October

by Bill McBride on 10/15/2013 08:36:00 AM

From the NY Fed: Empire State Manufacturing Survey

The October 2013 Empire State Manufacturing Survey indicates that business conditions held steady for New York manufacturers. The general business conditions index fell 5 points to 1.5. The new orders index rose five points to 7.8 ...

Labor market conditions were also steady, with the index for number of employees falling four points to 3.6 and the average workweek index inching up to 3.6. Indexes for the six month outlook continued to convey a strong degree of optimism about future business conditions. The future general business conditions index held near last month’s year-and-a-half high, at 40.8. The indexes for expected new orders and expected shipments also remained at strong levels.
emphasis added
This is the first of the regional surveys for October.  The general business conditions index was below the consensus forecast of a reading of 7.0, but shows continued modest expansion.