JPM economist Daniel Silver said US...>

US DATA REACT: JPM economist Daniel Silver said US October manufacturing surveys

"get off to a solid start" as "Empire State manufacturing survey's headline

increased from 24.4 in September to 30.2 in October, beating expectations and

getting close to the previous high for the cycle of 33.3 reported for October

2009."

- But he adds survey details were "not quite as upbeat as the headline figure,

as several of the key components weakened between September and October. And our

ISM-weighted composite for the survey, derived from the measures of orders,

shipments, employment, delivery times, and inventories, cooled from 57.3 to

55.6."

- But he said "latest Empire State survey still sent a pretty favorable signal

about conditions in the manufacturing sector, and we continue to believe that

the underlying trend in the sector remains solid despite some weak readings in a

few other recent reports that appear to be related to the usually bad weather

over the past several months."