New York Manufacturing Gauge Surges to 3-Year High

- Empire Manufacturing for October rose to 28.8 versus estimates of 13.1 and a reading of 14.7 in September.

BOTTOM LINE: Manufacturing in New York unexpectedly shot up in October, reaching the highest level in three years, as orders and sales gained, Bloomberg said. The Future Outlook component rose to 50.6, the highest since August 2005, versus 48.8 in September. The New Orders component rose to 25 from 13.6 in September. The prices paid component rose to 36.1 versus 35.1 the prior month. I continue to expect manufacturing to help boost overall US economic growth as companies gain confidence in the sustainability of the current expansion and rebuild depleted inventories.