One of the critical measures of economic performance fell again in October, limiting optimism from a recent Federal Reserve report, according to Bloomberg.
The Federal Reserve Bank of New York produces a monthly Empire State Index of manufacturing activity in the tri-state area of New York, New Jersey and Connecticut. As an important manufacturing sector, the index provides an important gauge of overall performance.
Thus far in October, the Fed reports that manufacturing activity declined with a rating of minus 8.5, well below the minus 4 projected by the median of a Bloomberg survey of economists. Nonetheless, the figure represents a slight improvement from minus 8.8 in September and some factors of the measure did improve, including bookings and shipments.
“Consumer demand has held up much better than just about anyone could have expected and manufacturers should see orders improve over the near-term as a result,” Russell Price, a senior economist at Ameriprise Financial, told Bloomberg.
Bloomberg also reports that another report from the Federal Reserve found that both industrial production and manufacturing output rose slightly in September, after a somewhat more sluggish August.