New York Manufacturing Activity Surges in October

New York, NY, Oct. 15, 2009--Manufacturing activity in the New York area improved at the fastest pace in five years, the New York Federal Reserve Bank reported Thursday.

The bank's Empire State Manufacturing index jumped to 34.6 in October from 18.9 in September.

Just over half of the manufacturers reported that conditions had improved while 17% said conditions had worsened.

New orders and shipments surged in October. The employment index moved into positive territory for the first time in more than a year.

Investors track the Empire State index because it's seen as an early forecast of the national reading on factory activity, to be released by the Institute for Supply Management on the first business day of November.