oil and gas
The production of utilities fell by 0.3%. Mining grew by 0.6%, supported by oil and gas activities. Oil and gas drilling operations rose 1%, continuing a series of strong gains.
However, data released Monday revealed that New York State factory activity declined in October for the third straight month. An opinion poll conducted by the US Federal Reserve Bank in New York also showed that respondents were more pessimistic about future economic conditions. Separate regional measures will be announced from Fed branches in Philadelphia, Richmond and Kansas City in the coming weeks.
While Fastenal reported in a report last week that net sales exceeded estimates during the last quarter, the building materials and manufacturing wholesaler noted the heightened uncertainty among its customers.
“Not so, the disaster will not happen, but there is a rather cautious trust and we are preparing for this type of business environment,” said Daniel Florence, Fastnal’s chief executive, during the company’s earnings conference call.
