- Prior month -8.70
- NY Fed manufacturing index for October 10.70 vs -1.40 est.
Details from the NY Fed:
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Headline index: Business conditions index rose 19 points to 10.7, signaling modest growth — the third positive reading in four months.
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New orders/shipments: Both increased after last month’s decline (new orders index 3.7 versus -19.6 last month, shipments 14.4 versus -17.3 last month).
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Inventories: Little changed (-1.0 versus -4.9 last month).
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Supply chain: Delivery times lengthened slightly (3.9 versus 0.0 last month), and supply availability worsened (-10.7 versus .8 .8).
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Employment: Modest job gains (employment index 6.2 versus -1.2 last) but a shorter workweek (-4.1 versus -.41 last month).
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Prices: Both input and selling prices rose faster (prices paid 52.4 versus 46.1 last month, prices received 27.2 versus 21.6 last month).
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Capital spending: Plans remained soft (-2.9 versus -3.9 last month).
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Outlook: Firms became more optimistic, with nearly half expecting improvement in coming months; new orders and shipments expected to rise while price pressures persist.
Overall a better than expected report. Inflation trends remains a concern, but within a range for both prices paid and prices received.
Employment not tumbling as demand and supply seem to be balancing out.
This article was written by Greg Michalowski at investinglive.com.