(Washington) The growth of manufacturing activity in the New York region slowed sharply in October, much more than expected, but manufacturers remain confident in the future.
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The index measuring this activity lost 14.5 points, to fall to 19.8 points, according to the monthly indicator “Empire State” released Friday by the regional branch of the Federal Reserve (Fed).
Analysts were expecting a more moderate slowdown to 25 points.
Despite this decline, activity continues to grow “at a solid pace,” responded the Central Bank in a statement.
Measured in a highly industrialized region, this indicator is considered a good barometer of the evolution of the American economy.
For several months, this index, which captures activity at the start of the month, has fluctuated between an acceleration in activity and a sharp slowdown.
The fall recorded this month thus comes after a very sustained September.
In detail, for October, the component measuring orders lost 9.4 points to 24.3 points. That of merchandise shipments fell even more markedly (-18 points) by 8.9 points.
On the other hand, the Fed notes that the delivery time reached a “record” level at 38 points (+1.5 point).
In addition, “companies are still very optimistic about the improvement in the economy over the next six months,” she underlines.
The survey was carried out between 1is and October 8.
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