Elevate your local knowledge

Sign up for the iNFOnews newsletter today!

Select Region

Selecting your primary region ensures you get the stories that matter to you first.

Manufacturing in New York state slides again in October

Manufacturing in New York state slides again in October | iNFOnews.ca
In this May 11, 2016 photo, a No. 7 subway train rides the rails in the Queens borough of New York. In the background is the Manhattan skyline. On Monday, Oct. 17, 2016, the Federal Reserve of New York releases its October survey of manufacturers in the state. (AP Photo/Mark Lennihan)

WASHINGTON – Manufacturing in New York state contracted for the third straight month in October.

The Federal Reserve Bank of New York says its Empire State index slid to a reading of minus 6.8 this month, lowest since May and down from a minus 2 reading in September. Anything below zero signals contraction. Economists had expected the survey to show growth this month.

New orders, shipments and employment all fell this month, but at a slower pace than they did in September.

Prices paid and received by manufacturers grew modestly.

Manufacturers have been struggling with a strong dollar, which makes their goods pricier abroad, and weak investment in machinery by businesses cautious about global economic outlook. But the New York Fed found that manufacturers’ outlook for the next six months is sunnier.

News from © The Associated Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community?

Create a free account

The Associated Press

The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.

Related Articles