US key empire states data reviewed - Nomura

Analysts at Nomura noted that the New York Fed’s Empire State Survey reported healthy manufacturer sentiment in October.

Key Quotes:

"The general business conditions index increased 5.8pp to 30.2, the highest reading since September 2014. The new orders subindex remained elevated at 18.0, indicating steady momentum in the months ahead. Moreover, the shipments index increased to 27.5, the highest reading since October 2009. The number of employees index increased 5pp to 15.6, pointing to continued employment growth in the New York state manufacturing sector."

"The prices paid index moderated somewhat to 27.3, but remains elevated overall, indicating some upstream price pressure. Finally, the forward-looking general business conditions index for October increased 5.5pp to 44.8. Overall, today’s report is consistent with other strong readings from regional manufacturing surveys and points to sustained momentum to start Q4. We will receive more information about manufacturing activity in October with the Philly Fed survey’s release on Thursday."