By major components, manufacturing increased a healthy 0.5 percent, following an upwardly revised 0.1 percent rise in September (previously a 0.2 percent dip). Excluding motor vehicles, manufacturing rose 0.5 percent, following a 0.1 percent increase the month before.
The output of durable goods increased 0.9 percent, with increases in most major categories. The production of nondurable goods moved up 0.2 percent in October after having risen 0.4 percent in September.
It really is the manufacturing component that matters in this report since the utilities component can swing sharply on adverse weather. The manufacturing component is quite healthy and should lead us to discount any weakness in the Empire State report yesterday.
Posts
Good call on the Philly Fed Index.
ReplyDeleteThanks Bill,
ReplyDeleteThat report was about as good as it gets month to month.