New York Manufacturing Index Drops More Than Expected In October

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Growth in New York manufacturing activity slowed by more than expected in the month of October, the Federal Reserve Bank of New York revealed in a report on Thursday.

The New York Fed said its general business conditions index slid to 10.5 in October from 17.0 in September.

While a positive reading still indicates growth in regional manufacturing activity, economists had expected the index to show a much more modest drop to 15.0.

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Looking ahead, the New York Fed said firms remained optimistic conditions would improve over the next six months, although optimism was somewhat lower than last month.

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