The industry in and around New York grew less fast in October than a month earlier. That’s what the Federal Reserve Bank of New York announced. In and around Philadelphia, industrial activity increased sharply, according to figures from the Philadelphia Federal Reserve.
The so-called Empire State index, which reflects the activity in the New York industry, is for October plus 10.5 versus 17 in September. A stand below 0 indicates a contraction of the industry. Economists forecast this month an average of plus 14.
According to the Philadelphia Federal Reserve, the so-called Philly Fed index is 32.3 to 15 a month earlier. Economists had counted on an average of 14.8.