NEW YORK - The Empire State Manufacturing Survey showed “conditions for New York manufacturers held steady in November,” the Federal Reserve Bank of New York reported Tuesday as the general business conditions index improved to positive 0.61 in November from negative 8.48 in October.
Economists surveyed by Thomson Reuters had expected the index would rise to negative 4.00.
The new orders index slid to negative 2.07 from positive 0.16, while the shipments index rose to 9.43 from 5.33, and unfilled orders declined to negative 7.32 from negative 4.49, the Fed said.
The delivery time index grew to zero from negative 1.12, while the inventories index decreased to negative 12.20 from negative 8.99 in the prior survey. The prices paid index slid to 18.29 from 22.47, while the prices received index climbed to 6.10 from 4.49. The number of employees index reversed to negative 3.66 from positive 3.37, while the average employee workweek index climbed to positive 2.44 from negative 4.49, the Fed reported.
Looking six months into the future, the general business conditions index surged to 39.02 from 6.74 last month. The new orders index soared to 35.37 from 12.36, while the shipments index climbed to 36.59 from 17.98, and unfilled orders gained to 6.10 from 1.12, the Fed said. The delivery time index crept to positive 1.22 from negative 6.74, while the inventories index jumped to positive 2.44 from negative 15.73.
The prices paid index decreased to 36.59 from 40.45, while the prices received index rose to 25.61 from 17.98. The number of employees index gained to 14.63 from 6.74, while the average employee workweek index reversed to positive 8.54 from negative 2.25, the Fed reported. The capital expenditures expectations index increased to 25.61 from 7.87. The technology spending index rose to 12.20 from 1.12.
