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New York state business activity hits 3-year high in October

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New York state business activity hits 3-year high in October

Business activity continued its robust expansion in New York state in October, according to the monthly Empire State Manufacturing Survey conducted by the Federal Reserve Bank of New York.

The headline general business conditions index rose to 30.2 in October, the highest level in three years. The September index stood at 24.4. Meanwhile, the new orders index fell to 18.0 from 24.9. The index for unfulfilled orders dropped to 2.3 from 8.9. October shipments rose to 27.5 from 16.2 last month. Firms also hired more during the month with the index for the number of employees rising to 15.6 from 10.6.

Surveyed companies continue to be optimistic about future conditions. The October index for business conditions for the next six months rose to 44.8 from 39.3 in the previous month. Future new orders rose to 44.8 from 43.7. The indexes for future unfulfilled orders and shipments also advanced. Employment was projected to increase slightly with the future index for number of employees rising to 17.2 from 13.8 in September.