Manufacturing in New York accelerated in October: Survey

Economic IndicatorsAssociated Press

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

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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.

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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.

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