The Empire State manufacturing survey retreated sharply to 6.2 in October after hitting a near five-year high of 27.5 in the prior month, the New York Fed said Wednesday. Economists polled by MarketWatch had expected a 21.0 reading, in the gauge where readings above zero indicate improving conditions. The new-orders index dropped to negative 1.7 in October from 16.9 in September while shipments plunged to 1.1 from 27.1. Both price indexes moderated in the month. The Empire State is the first of the regional manufacturing surveys to be released each month
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