Empire State Index falls

Business activity continued to decline in New York State, according to firms responding to the Federal Reserve Bank of New York's latest survey with the OctoberEmpire State Manufacturing Index falling to -6.8.

Labour market conditions remained weak, with both employment levels and the average workweek reported as lower. Price indexes increased somewhat, and continued to signal moderate input price increases and a slight increase in selling prices.

Indices for the six-month outlook suggested that manufacturing firms expect conditions to improve in the months ahead.