Manufacturing in New York accelerated in October: Survey

Economic Indicators Associated Press

(Copyright 2016 The Associated Press.)

WASHINGTON (AP) — Manufacturing activity in New York picked up this month, expanding at the fastest pace in three years.

Continue Reading Below

The Federal Reserve Bank of New York says its Empire State manufacturing index jumped to 30.2, the highest level since 2014. Any reading above zero points to expansion.

More from FOX Business

Shipments of goods soared more than 11 points to 27.5, the New York Fed said. New orders fell nearly seven points to 18, a reading that still indicates demand is solid. A measure of employment also rose, a sign that factories in the state are creating more jobs.

Nationwide, manufacturers are benefiting from a healthy global economy and a decline in the dollar's value, which makes U.S. goods cheaper overseas. Automakers have also ramped up production to replace cars destroyed by recent hurricanes.

What do you think?

Click the button below to comment on this article.