NEW YORK - The Empire State Manufacturing Survey showed “conditions for New York manufacturers improved in November, but at a somewhat slower pace than in October," the Federal Reserve Bank of New York today reported, as the general business conditions index decreased to 23.51 in the month from 34.57 in October, the Fed reported.
Economists surveyed by Thomson Reuters had expected the index would be 30.00.
The new orders index fell to 16.66 from 30.82, while the shipments index slumped to 12.97 from 35.08, and unfilled orders reversed to negative 2.63 from positive 2.60, the Fed said.
The delivery time index decreased to negative 2.63 from positive 3.90, while the inventories index narrowed to negative 17.11 from negative 18.18 in the prior survey. The prices paid index decreased to 10.53 from 19.48, while the prices received index rose to negative 2.63 from negative 5.19. The number of employees index dropped to 1.32 from 10.39, while the average employee workweek index plunged to 5.26 from 20.78, the Fed reported.
Looking six months into the future, the general business conditions index gained to 57.00 from 55.69 last month. The new orders index inched up to 52.44 from 52.36, while the shipments index slipped to 48.89 from 53.28, and unfilled orders grew to 16.64 from 10.90, the Fed said. The delivery time index increased to negative 3.95 from negative 6.49, while the inventories index reversed to positive 7.89 from negative 5.19 in the prior survey.
The prices paid index surged to 48.68 from 24.68, while the prices received index rose to 27.63 from 10.39. The number of employees index soared to 30.83 from 18.84, while the average employee workweek index dipped to 18.42 from 20.78, the Fed reported. The capital expenditures expectations index climbed to 21.05 from 18.18. The technology spending index increased to 14.47 from 12.99.
