New York factories grow at slower pace this month
WASHINGTON (AP) — New York manufacturers are growing at the slowest pace in six months as new orders shrink and shipments barely rise.
The Federal Reserve Bank of New York says that its Empire State Manufacturing index dropped to 6.2 in October, down sharply from a five-year high of 27.5 in September. Any figure above zero indicates growth. October's reading is the lowest since April.
Factories are still adding workers. A measure of hiring rose seven points to 10.2. And a gauge of prices paid by manufacturers for raw materials fell, a sign that inflation remains tame.
Despite the slowdown in October, New York's manufacturers have a mostly optimistic outlook. A measure of expected business conditions in six months fell but remained healthy at 41.7, down from 46.7.