Monday, October 16, 2017

NY Fed: Manufacturing Activity "grew at a robust pace" in October

by Bill McBride on 10/16/2017 08:44:00 AM

From the NY Fed: Empire State Manufacturing Survey

Business activity grew at a robust pace in New York State, according to firms responding to the October 2017 Empire State Manufacturing Survey. The headline general business conditions index climbed six points to 30.2, its highest level in three years. The new orders index came in at 18.0 and the shipments index rose eleven points to 27.5—readings that pointed to ongoing solid gains in orders and shipments. ...
...
The index for number of employees rose five points to 15.6, suggesting that employment expanded more strongly this month, while the average workweek index registered zero, indicating that the average workweek held steady. ...

Indexes assessing the six-month outlook suggested that firms continued to be optimistic about future conditions. The index for future business conditions climbed six points to 44.8, and the index for future new orders also came in at 44.8. Employment was expected to increase modestly.
emphasis added
This was well above the consensus forecast of a reading of 20.0.