The Empire State Manufacturing Survey showed "business activity continued to expand for New York manufacturers," the Federal Reserve Bank of New York reported Monday, as the general business conditions index grew to 10.16 in November from 6.17 in October.
Economists surveyed by Thomson Reuters had expected the index would be 11.00.
The new orders index increased to positive 9.14 from negative 1.76, while the shipments index surged to 11.83 from 1.12, and unfilled orders widened to negative 7.45 from negative 4.55, the Fed said.
The delivery time index widened to negative 9.57 from negative 5.68, while the inventories index slipped to zero from 2.27 in the prior survey. The prices paid index dipped to 10.64 from 11.36, while the prices received index fell to zero from 6.82. The number of employees index slid to 8.51 from 10.23, while the average employee workweek index fell to negative 7.45 from negative 1.14, the Fed reported.
Looking six months into the future, the general business conditions index climbed to 47.61 from 41.66 last month. The new orders index gained to 46.99 from 42.34, while the shipments index rose to 44.68 from 42.54, and unfilled orders grew to 13.83 from 6.82, the Fed said. The delivery time index reversed to negative 1.06 from positive 2.27, while the inventories index increased to 4.26 from 2.27.
The prices paid index fell to 41.49 from 42.05, while the prices received index declined to 25.53 from 26.14. The number of employees index jumped to 24.47 from 12.50, while the average employee workweek index rebounded to positive 8.51 from negative 2.27, the Fed reported. The capital expenditures expectations index grew to 27.66 from 21.59. The technology spending index increased to 19.15 from 15.91.
