The state of manufacturing in the New York region showed little change in the past month, according to the Federal Reserve Bank of New York.
The October report said general business conditions dropped nearly five points in October to 1.5 from 6.3 in September. The sector had modest improvement over the previous four months.
Broken down, the new orders index rose five points to 7.8 and the shipments index fell three points to 13.1, suggesting that both orders and shipments increased modestly over the month, the Fed said. Prices paid held steady while the prices received fell six points. Labor market conditions were also steady, with the index for number of employees falling four points and the average work-week index inching higher.
Looking ahead, the indexes for the six-month outlook generally conveyed strong optimism.