New York Fed's Empire State manufacturing index jumps to 25.5 in October
The Empire State manufacturing index rose to 25.5 in October from 7.6 in September, while the employment index eased to 10.3 from 10.6.
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what happened
The New York Fed's Empire State manufacturing index climbed to 25.5 in October, up from 7.6 in September, signaling a sharp pickup in factory activity in the state.
The employment gauge for the same sector slipped to 10.3 in October from 10.6 a month earlier.
why it matters
Readings above zero point to expanding activity, so the move toward 26 points is a notable improvement for New York manufacturers. The slight dip in the employment index suggests hiring is still rising, but at a slightly slower pace. Traders often use such regional surveys as a gauge of US industrial strength and broader economic expectations.
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