By Ed FranklManufacturing activity in New York state ticked down in October, as demand continues to be fragile, although firms remain relatively optimistic about future conditions. The Empire State Manufacturing Survey's general business conditions index weakened to minus 4.6 from a positive reading of 1.9 a month earlier, data from the Federal Reserve Bank of New York showed Monday. Of the components making up the survey, new orders ticked negative, while shipments were little changed. Meanwhile, labor-market indicators pointed to a slight increase in employment and the average workweek, the NY Fed said. "New orders and shipments are expected to increase ... and employment is expected to grow," the NY Fed added.

Source: Wall Street Journal October 16, 2023 12:59 UTC