In this May 11, 2016 photo, a No. 7 subway train rides the rails in the Queens borough of New York. In the background is the Manhattan skyline. On Monday, Oct. 17, 2016, the Federal Reserve of New York releases its October survey of manufacturers in the state. (AP Photo/Mark Lennihan)
October 17, 2016 - 5:45 AM
WASHINGTON - Manufacturing in New York state contracted for the third straight month in October.
The Federal Reserve Bank of New York says its Empire State index slid to a reading of minus 6.8 this month, lowest since May and down from a minus 2 reading in September. Anything below zero signals contraction. Economists had expected the survey to show growth this month.
New orders, shipments and employment all fell this month, but at a slower pace than they did in September.
Prices paid and received by manufacturers grew modestly.
Manufacturers have been struggling with a strong dollar, which makes their goods pricier abroad, and weak investment in machinery by businesses cautious about global economic outlook. But the New York Fed found that manufacturers' outlook for the next six months is sunnier.
News from © The Associated Press, 2016