NEW YORK, Oct. 17 (UPI) -- The New York Federal Reserve said general business conditions contracted for the fifth consecutive month in October in the state.
After a run of six straight months of growth, the New York Fed's index for general business conditions has been negative since June. In October, the index was little changed, going from minus 8.8 to minus 8.5.
Numbers below zero indicate a contraction. Above zero indicates growth.
In the manufacturing index for New York, based on a survey taken the first two weeks of each month, new orders rose from minus 8 to just above zero at 0.16.
The shipments index rose sharply from minus 12.88 to 5.33. The critical index measuring the number of employees rose from minus 5.43 to 3.37. The index measuring the number of hours worked fell from minus 2.17 to minus 4.49.
