Economic Report: Empire State index jumps to three-year high in October

The numbers: The New York Fed reported that its Empire State manufacturing index climbed to a three-year high of 30.2 in October from 24.4 in September, topping the Econoday-compiled consensus of 20. Any reading over zero indicates improving conditions.

What happened: The general optimism improved even though some of the key components actually worsened, like new orders, which fell to 18 from 24.9. Shipments did improve, however, to a reading of 27.5 from 16.2, and the number of employees rose to 15.6 from 10.6.

The big picture: There’s a continued optimism in the business sector, seen in survey over survey. Combining a more business-friendly administration with an upturn in the global economy — nobody’s talking a Chinese hard landing anymore — is creating an optimistic backdrop for business. The hard numbers, reflected in industrial production, reflect that optimism.