NY Manufacturing Slows, New Orders Soar

- Empire Manufacturing for October fell to 12.1 versus estimates of 19.0 and a reading of 15.6 in September.

BOTTOM LINE: Manufacturing in NY state expanded at a slower pace in October and factories were less optimistic about the future in the face of higher energy costs, Bloomberg said. The optimism component of the index fell to 32.6 from 38.1 in September. However, the new orders component of the index soared to 24.9 from 11.6 in September. The component of the index measuring the average workweek rose to 13.5 from 10.4 in September. Finally, the prices paid component of the index rose to 57.3 from 53.9 the prior month. Manufacturing, which was improving before the hurricanes and has continued improving after should boost US economic growth through year-end.