The Empire State Manufacturing Survey showed "business activity continued to grow strongly in New York State," the Federal Reserve Bank of New York reported Wednesday, as the general business conditions index declined to 19.4 in November from 30.2 in October.
Economists surveyed by Thomson Reuters had expected the index would be 26.3.
The new orders index grew to 20.7 from 18.0, while the shipments index dropped to 18.4 from 27.5, and unfilled orders slid to negative 4.6 from positive 2.3, the Fed said.
The delivery time index dropped to negative 2.3 from positive 3.1, while the inventories index reversed to positive 4.6 from negative 7.8 in the prior survey. The prices paid index decreased to 24.6 from 27.3, while the prices received index rose to 9.2 from 7.0. The number of employees index slid to 11.5 from 15.6, while the average employee workweek index declined to negative 0.8 from zero, the Fed reported.
Looking six months into the future, the general business conditions index rose to 49.9 from 44.8 last month. The new orders index increased to 53.7 from 44.8, while the shipments index gained to 50.8 from 43.4, and unfilled orders jumped to 14.6 from 6.3, the Fed said. The delivery time index reversed to positive 5.4 from negative 0.8, while the inventories index declined to 8.5 from 9.4.
The prices paid index rose to 48.5 from 42.4, while the prices received index fell to 23.8 from 25.0. The number of employees index gained to 20.8 from 17.2 while the average employee workweek index climbed to 6.9 from 4.7, the Fed reported. The capital expenditures index increased to 25.4 from 21.9. The technology spending index fell to 10.8 from 16.4.