The Empire State Manufacturing Survey showed "conditions weakened somewhat for New York manufacturers," the Federal Reserve Bank of New York reported Friday as the general business conditions index fell to negative 2.21 in November from positive 1.52 in October.
Economists surveyed by Thomson Reuters had expected the index would be 5.00.
The new orders index dropped to negative 5.53 from positive 7.75, while the shipments index decreased to negative 0.53 from positive 13.12, and unfilled orders widened to negative 17.11 from negative 6.02, the Fed said.
The delivery time index narrowed to negative 3.95 from negative 10.84, while the inventories index slipped to negative 1.32 from zero in the prior survey. The prices paid index slid to 17.11 from 21.69, while the prices received index fell to negative 3.95 from positive 2.41. The number of employees index dipped to zero from 3.61, while the average employee workweek index slumped to negative 5.26 from positive 3.61, the Fed reported.
Looking six months into the future, the general business conditions index decreased to 37.51 from 40.76 last month. The new orders index grew to 40.27 from 37.04, while the shipments index rose to 37.80 from 32.18, and unfilled orders reversed to positive 1.32 from negative 3.61, the Fed said. The delivery time index improved to negative 6.58 from negative 14.46, while the inventories index climbed to positive 6.58 from negative 1.20.
The prices paid index dipped to 42.11 from 45.78, while the prices received index fell to 17.11 from 25.30. The number of employees index surged to 22.37 from 7.23, while the average employee workweek index reversed to negative 3.95 from positive 2.41, the Fed reported. The capital expenditures expectations index decreased to 9.21 from 15.66. The technology spending index grew to 13.16 from 12.05.