New York Fed Empire index shows prices paid easing to 59.5 in October
The New York Fed's regional manufacturing survey showed prices paid falling in October, while new orders jumped to 23.2 from 2.0 in September.
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what happened
The Federal Reserve Bank of New York's survey of manufacturers in the state put the prices paid index at 59.5 in October, down from 63.1 in September. The new orders index rose to 23.2 from 2.0 a month earlier, pointing to a marked pickup in incoming business.
why it matters
A lower prices paid reading suggests input costs for regional manufacturers are rising more slowly, which eases inflationary pressure from the factory sector. The sharp rise in new orders could support expectations for economic activity and feed into moves in Treasury yields and the dollar.
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