Empire State Manufacturing index rises in Nov., employment gains seen
Prices paid remained elevated, employment levels rose and business activity expanded at a faster pace in November, the Empire State Manufacturing Survey, released Thursday by the Federal Reserve Bank of New York, suggested.
The general business conditions index grew to 23.3 in November from 21.1 in October.
Economists surveyed by IFR Markets had expected the index would be 20.0.
The new orders index slipped to 20.4 from 22.5, while the shipments index increased to 28.0 from 26.3, and unfilled orders rebounded to zero from negative 8.4, the Fed said.
The delivery time index slid to 4.4 from 5.0, while the inventories index soared to 10.9 from 0.8 in the prior survey. The prices paid index rose to 44.5 from 42.0, while the prices received index fell to 13.1 from 14.3. The number of employees index jumped to 14.1 from 9.0, while the average employee workweek index climbed to 9.2 from 0.2, the Fed reported.
Looking six months into the future, the general business conditions index gained to 33.6 from 29.0 last month. The new orders index rose to 39.7 from 35.1, while the shipments index increased to 37.2 from 33.8, and unfilled orders grew to 8.0 from 1.7, the Fed said. The delivery time index reversed to positive 6.6 from negative 5.9, while the inventories index rose positive 3.6 from negative 5.9.
The prices paid index increased to 59.1 from 52.9, while the prices received index gained to 31.4 from 23.5. The number of employees index grew to 16.6 from 13.3, while the average employee workweek index rose to 6.6 from 2.5, the Fed reported. The capital expenditures index climbed to 24.8 from 16.0. The technology spending index soared to 19.7 from 9.2.