US: NY Empire State Manufacturing Index Drops to 10.5 in October

The headline General Business Conditions Index of the NY Fed’s Empire State Manufacturing Survey declined to 10.5 in October from 17 in September. This reading missed analysts’ estimate of 15.

“36% of respondents reported that conditions had improved over the month, while 25% reported that conditions had worsened.”

“The new orders index climbed five points to 12.3, and the shipments index rose four points to 17.8, indicating ongoing gains in orders and shipments.”