By Dave Sebastian
New York manufacturers reported the pace of activity that was slightly higher in October from the previous month as optimism about business conditions in the next six months improved but remained subdued.
The Empire State Manufacturing Survey's general business conditions index, compiled by the Federal Reserve Bank of New York, was 4 in October, up from a recording of 2 in September. A positive index reading means activity is expanding.
Economists polled by The Wall Street Journal expected an index reading of 0.8.
The New York Fed said 30% of respondents reported business conditions improved from a month earlier, while 26% said they had worsened.
The index for future business conditions inched three points higher to 17.1 but remained below levels seen for much of the past few years, according to the survey.
The new orders index rose remained flat at 3.5, which points to a small increase in orders. Shipments rose seven points to 13 after reaching its lowest level in nearly three years.
Write to Dave Sebastian at email@example.com
(END) Dow Jones Newswires
October 15, 2019 08:38 ET (12:38 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.