Growth in Orders, Shipments Picks Up at New York Manufacturers

New York state manufacturers reported stronger growth in orders and shipments in October, allowing a gauge of business activity to expand at a solid, albeit somewhat slower, pace and indicating momentum is carrying over into the fourth quarter.

The Federal Reserve Bank of New York’s general business conditions index decreased to 10.5 after jumping a month earlier to 17 that was the second-highest since 2018, a report out Thursday showed. It marked the fourth month of expansion and compared with a median projection in a Bloomberg survey of economists for a reading of 14.