Manufacturing conditions eroded faster than economists predicted in November in the New York region, according to the Empire State Manufacturing Survey released Monday by the Federal Reserve Bank of New York.
The survey’s general business conditions index fell into negative territory in November for the first time in more than a year, dropping to negative 11.14 from 15.73 in October. Economists expected the index would dip to 14.0.
The new-orders index plummeted to negative 24.38 from 12.90, shipments slumped to negative 6.13 from 19.39, prices paid fell to 22.08 from 30.00, and prices received sank to negative 2.60 from 8.33. The number of employees index decreased to 9.09 from 21.67.
Looking six months into the future, the general business conditions index rose to 54.55 in November from 40.00 last month. The capital expenditures expectations index dipped to 23.38 from 25.00 and the technology spending index slipped to 10.39 from 13.33.