News Column

New York Mfg. Hangs on in October

October 15, 2013

UPI Business News

female worker

The pace of manufacturing growth in the Empire State slowed modestly in October, the Federal Reserve Bank of New York said Tuesday.

The general business index slowed, but held onto positive territory, losing 5 points to a reading of 1.5.

The October reading came "on the heels of four consecutive months during which the general business conditions index indicated that activity grew modestly," the Fed said.

Component indexes were mixed. The new orders index rose from 5 points to 7.8, while the shipments index dropped 3 points to 13.1.

Unfulfilled orders were little changed at minus 6, while the inventory index broke even at zero.

Among the labor indexes, the number of employees and the number of hours worked measures were both slightly positive at 3.6

Respondents also indicated strong levels of optimism about business conditions for the next half a year.

The six-month outlook index held close to September's 18-month high with an October reading of 40.8, the Fed said.

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Original headline: New York manufacturing hangs onto an edge in October

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Source: Copyright 2013 United Press International, Inc. (UPI).

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