According to the Federal Reserve Bank of New York’s October Empire State Manufacturing Survey, business activity continued to expand causing their index to climb to 21.1, up 2.1 points from last month. New Orders rose 6 points to 22.5, their highest level in a year, while Shipments jumped 12 points to 26.3. At the same time, Prices Paid and Prices Received both eased, although they remain elevated, suggesting less pressure from tariffs. The six-month outlook registered 29.0 indicating a positive future outlook despite easing 1.3 points from last month. Although it should be noted that “most [surveys] are completed by the tenth” of the month and therefore would not reflect the impact of last week’s stock market turmoil. See the full report here.