Manufacturing in New York roared back to life in October, marking a sharp turnaround from September’s slump and delivering a much stronger reading than expected, according to the Federal Reserve Bank of New York’s Empire State Manufacturing Survey.
The headline index of general business conditions leapt to 10.7 from –8.7 in September, far surpassing economists’ expectations for a –0.9 reading. Any value above zero indicates expansion, and October’s figure was the third positive result in four months, suggesting factory activity is regaining momentum after a volatile summer.
Orders and shipments rebounded decisively, with the new orders index…
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