Volatile gauge edges down to negative 4.6 after strong improvement last month
The numbers: The New York Fed’s Empire State business conditions index, a gauge of manufacturing activity in the state, edged down 6.5 points in October to negative 4.6, the regional Fed bank said Monday.Any reading below zero indicates deteriorating conditions.The shipments index fell points to 1.4 in the month.Employment ticked higher in October will prices declined modestly.
Big picture: The drop in October comes after a solid increase in September. The index has been unusually volatile for most of the past two years with some deeply negative readings followed by improvement.
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