The Empire State Manufacturing Survey showed "business activity declined for a fourth consecutive month for New York manufacturers," the Federal Reserve Bank of New York reported Thursday, as the general business conditions index narrowed to negative 10.74 in November from negative 11.36 in October.
Economists surveyed by Thomson Reuters had expected the index would be negative 6.0.
The new orders index climbed to negative 11.82 from negative 18.91, while the shipments index improved to negative 4.10 from negative 13.61, and unfilled orders widened to negative 18.18 from negative 15.09, the Fed said.
The delivery time index narrowed to negative 10.91 from negative 11.32, while the inventories index slumped to negative 17.27 from negative 7.55 in the prior survey. The prices paid index rose to 4.55 from 0.94, while the prices received index increased to negative 4.55 from negative 8.49. The number of employees index improved to negative 7.27 from negative 8.49, while the average employee workweek index widened to negative 14.55 from negative 7.55, the Fed reported.
Looking six months into the future, the general business conditions index slipped to 20.33 from 23.36 last month. The new orders index fell to 20.82 from 24.00, while the shipments index dipped to 21.07 from 24.63, and unfilled orders increased to 11.82 from 1.89, the Fed said. The delivery time index reversed to positive 3.64 from negative 2.83, while the inventories index climbed to positive 1.82 from negative 6.60.
The prices paid index rose to 29.09 from 27.36, while the prices received index increased to 11.82 from 7.55. The number of employees index rose to 16.36 from 10.38, while the average employee workweek index gained to 5.45 from 0.94, the Fed reported. The capital expenditures expectations index inched up to 12.73 from 12.26. The technology spending index fell to 1.82 from 5.66.
