New York manufacturing index rises a couple points in November

The Empire State Manufacturing Survey general business-conditions index edged up 2 points to 23.3 in November.

The November reading, based on firms responding to the survey, indicates “business activity continued to grow at a solid clip in New York,” the Federal Reserve Bank of New York said in a news release issued Thursday.

A positive index number indicates expansion or growth in manufacturing activity, while a negative reading points to a decline in the sector.

The survey found 36 percent of respondents reported that conditions had improved over the month, while 15 percent said that conditions had worsened.

Survey details

New orders and shipments increased “moderately,” while unfilled orders “held steady,” the New York Fed said.

Delivery times continued to “lengthen somewhat,” and inventories moved higher.

Labor-market indicators pointed to an increase in employment levels and longer workweeks. The prices-paid index remained elevated, and the prices-received index was “little changed.”

Looking ahead, firms remained “fairly optimistic” about the six-month outlook.

The New York Fed distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York. On average, about 100 executives return responses.

Contact Reinhardt at ereinhardt@cnybj.com

Visual credit: Federal Reserve Bank of New York website