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- Growth of manufacturing activity in the New York region continues to slow in November
Growth of manufacturing activity in the New York region continues to slow in November
The report from
the New York Federal Reserve showed on Monday that manufacturing activity in
the New York region expanded slightly in early November.
According to
the survey, NY Fed Empire State manufacturing index fell from 10.5 in October
to 6.3 in November, pointing to a slower pace of growth than in the previous
month. This was the lowest reading since August.
Economists had
expected the index to come in at 13.5.
Anything below
zero signals contraction.
According to
the report, the new orders index decreased nine points to 3.7, indicating a
slight advance in orders, and the shipments index fell twelve points to 6.3.
Meanwhile, the employment index went up two points to 9.4, its highest level in
nearly a year, indicating a modest gain in employment levels. Elsewhere, delivery
times were little changed, while unfilled orders and inventories continued to drop.
On the price front, the prices paid index was little changed at 29.1, a sign
that input prices increased at the same pace as last month, while the prices
received index rose six points to 11.3, indicating a pickup in selling price
increases.
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