NY Factory Activity Unexpectedly Expands as Orders Pick Up (1)

New York state factory activity unexpectedly expanded and the outlook climbed to the highest since the start of the year despite lingering price pressures.

The Federal Reserve Bank of New York’s October general business conditions indexincreased 19.4 points to 10.7 as orders and shipments picked up, figures issued Wednesday showed. Readings above zero indicate expansion.

The figure, which is prone to wide swings on a monthly basis, exceeded all estimates in a Bloomberg survey of economists.

A gauge of the outlook over the next six months more than doubled to 30.3, reflecting greater optimism about orders and shipments. ...