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New York Fed: Manufacturing holding steady

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New York Fed: Manufacturing holding steady

Result disappoints; rise from September was expected

Business conditions held steady for New York manufacturers last month, according to the October survey released by the New York Federal Reserve today.

Results were somewhat mixed, as the general business conditions index fell 5 points to 1.5, while 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.  Most economists had expected a rise in the general business conditions index to 7.  The index is now at its lowest point since May.

Prices and inflation remained fairly flat, as the prices paid index was unchanged at 21.7 and the prices received index fell six points to 2.4.

Labor market conditions were also mixed, with the index for number of employees falling four points to 3.6 and the average workweek index inching up to 3.6.

Despite the less than stellar results, businesses remained optimistic, with the indices for the six-month outlook continuing to convey a strong degree of optimism about future business conditions.

The survey also found that both borrowing needs and credit availability remained unchanged over the last three months, as well as compared to October 2012, although borrowing costs increased over the past three months.


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