The Empire State Manufacturing Survey “indicates that conditions for New York manufacturers continued to deteriorate in November,” the Federal Reserve Bank of New York said yesterday, as the general business conditions index declined to negative 25.43 in November from negative 24.62 in October.
Economists surveyed by Thomson Reuters had expected the index would be negative 26.00.
The new-orders index dropped to negative 22.21 from negative 20.45, while the shipments index fell to negative 13.89 from negative 8.85, and unfilled orders widened to negative 24.10 from negative 12.20, the Fed said.
The delivery time index narrowed to negative 4.82 from negative 9.76, and the inventories index dropped to negative 26.51 from negative 17.07 in the prior survey. The prices paid index fell to 20.48 from 31.71 and the prices received index dipped to 6.02 from 20.73. The number of employees index decreased to negative 28.92 from negative 3.66, while the average employee workweek index fell to negative 25.30 from negative 9.76, the Fed reported.
Looking six months into the future, the general business conditions index slid to 13.02 from 24.16 last month. The new orders index dipped to 19.25 from 20.39, the shipments index slipped to 16.75 from 25.01, and unfilled orders improved to 1.13 from 0.81. The delivery time index reversed to positive 1.20 from negative 2.44, while the inventories index improved to negative 6.02 from negative 20.73 in the prior survey.
The prices paid index dipped to 25.30 from 40.24, and the prices received index decreased to 3.61 from 36.59. The number of employees index fell to negative 4.17 from positive 1.10, while the average employee workweek index slumped to negative 10.84 from positive 7.32. The capital expenditures expectations index fell to negative 8.43 from positive 7.32. The technology spending index nearly tripled to 14.94 from 5.62.