NEW YORK - The Empire State Manufacturing Survey showed “conditions deteriorated in November for New York State manufacturers,” the Federal Reserve Bank of New York today reported, as the general business conditions index fell into negative territory for the first time in more than a year, dropping to negative 11.14 in the month from 15.73 in October, the Fed reported.
Economists surveyed by Thomson Reuters had expected the index would dip to 14.0.
The new orders index slid to negative 24.38 from positive 12.90, while the shipments index slumped to negative 6.13 from positive 19.39, and unfilled orders declined to negative 24.68 from negative 1.67, the Fed said.
The delivery time index widened to negative 9.09 from negative 6.67, while the inventories index increased to zero from negative 11.67in the prior survey. The prices paid index fell to 22.08 from 30.00, while the prices received index sank to negative 2.60 from positive 8.33. The number of employees index decreased to 9.09 from 21.67, while the average employee workweek index declined to negative 12.99 from positive 3.33, the Fed reported.
Looking six months into the future, the general business conditions index increased to 54.55 from 40.00 last month. The new orders index rose to 53.25 from 31.67, while the shipments index gained to 45.45 from 38.33, and unfilled orders surged to 12.99 from 5.00, the Fed said. The delivery time index slipped to negative 2.60 from positive 5.00, while the inventories index increased to 12.99 from 10.00.
The prices paid index crept to 40.26 from 40.00, while the prices received index grew to 35.06 from 20.00. The number of employees index rose to 28.57 from 26.67, while the average employee workweek index gained to 12.99 from 11.67, the Fed reported. The capital expenditures expectations index dipped to 23.38 from 25.00. The technology spending index slipped to 10.39 from 13.33.
