MW: U.S. Oct. Empire State index highest in five years
WASHINGTON (MarketWatch) -- Manufacturing activity in the New York rose to its highest level in five years in October, the New York Federal Reserve Bank said Thursday. The bank's Empire State Manufacturing index rose to 34.6 in October from 18.9 in September. The new orders index climbed in October, while shipments shot up 30 points. The employment index was positive for the first time in more than a year. The index is of interest to investors and economists primarily because it's seen as an early indicator of what the Institute for Supply Management's October national factory survey due out in two weeks may show. In September, the ISM manufacturing index slipped to 52.6% from 52.9% in the previous month.
