New York Manufacturing Contracts on New Orders, Shipments
- General business conditions index dropped to -4.6 in October
- Outlook for prices received dropped to lowest in three years
Despite the decline in the current conditions gauge, New York factories remain somewhat optimistic about the future.
Photographer: John Taggart/Bloomberg
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A measure of New York state factory activity contracted in October, reflecting a pullback in demand and suggesting a slowing in inflationary pressures.
The Federal Reserve Bank of New York’s general business conditions index decreased 6.5 points to minus 4.6 this month, data showed Monday. A reading below zero indicates contraction, and the latest figure was slightly better than the median forecast in a Bloomberg survey of economists.