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Survey: NY manufacturing activity declines, but optimism grows
While manufacturing activity declined in October, optimism within the industry grew strongly, a recent survey shows. (file photo)
While manufacturing activity declined in October, optimism within the industry grew strongly, a recent survey shows. (file photo)
Survey: NY manufacturing activity declines, but optimism grows
Listen to this articleBusiness activity contracted modestly in New York, according to the October Federal Reserve Bank of New York’s Empire State Manufacturing survey.
After climbing into positive territory last month, the headline general business conditions index retreated twenty-three points to -11.9.
Despite the decline in activity, however, labor market conditions improved.
The index for the number of employees climbed 10 points to 4.1 — its first positive reading in a year — and the average workweek index edged up to 4.7, pointing to small increases in employment levels and hours worked.
Though firms reported that activity declined overall this month, optimism about the outlook grew strongly.
The index for future business activity moved up eight points to 38.7 — a multiyear high — with 55 percent of respondents expecting conditions to improve over the next six months.
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