WASHINGTON (dpa-AFX) - New York manufacturing activity rose sharply in the month of October, according to a report released by the Federal Reserve Bank of New York on Thursday.
The New York Fed said its general business conditions index surged to 25.5 in October from 7.6 in September, with a positive reading indicating growth. Economists had expected the index to rise to 10.3.
With the much bigger-than-expected increase, the index reached its highest level since hitting 34.4 in December of 2021.
The surge by the headline index came as the new orders index spiked to 25.3 in October from 2.0 in September and the shipments index jumped to a positive 13.1 in October from a negative 3.2 in September.
Meanwhile, the number of employees index edged down to 10.3 in October from 10.6 in September, but the positive reading still suggests ongoing modest growth in employment.
The report also said the prices paid index fell to 59.5 in October from 63.1 in September, while the prices received index rose to 30.6 in October from 28.1 in September.
Looking ahead, the New York Fed said firms continued to expect conditions to improve in the months ahead, although the index for future business conditions slid to 21.0 in October from 29.0 in September.
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