Empire State Manufacturing Index Dropped to Lowest Since May

Manufacturing in New York state contracted for the third straight month in October.

The Federal Reserve Bank of New York says its Empire State index slid to a reading of minus 6.8 this month, lowest since May and down from a minus 2 reading in September. Anything below zero signals contraction.

Economists had expected the survey to show growth this month.

New orders, shipments and employment all fell this month, but at as lower pace than they did in September.

Prices paid and received by manufacturers grew modestly.

Manufacturers have been struggling with a strong dollar, which makes their goods pricier abroad, and weak investment in machinery by businesses cautious about global economic outlook. But the New York Fed found that manufacturers’ outlook for the next six months is sunnier.

via CNBC

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza