The Federal Reserve Bank of New York reported Monday that its Empire State Manufacturing Survey general business-conditions index rose four 4 points to 10.2 in November.
The index figure indicates “a pace of growth somewhat faster than last month’s,” the New York Fed said in a news release posted on its website.
Nonetheless, the October and November readings for this index point to a “downshift” in the pace of growth compared with the May-September period, when the index averaged around 20.
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About 35 percent of respondents reported that conditions had improved over the last month, while 24 percent reported that conditions had worsened, according to the New York Fed.
The survey also found the new-orders index rose 11 points to 9.1 in November, and the shipments index advanced 11 points to 11.8.
The index for number of employees edged down to 8.5 but remained positive, indicating that employment levels grew.
The average-workweek index, by contrast, was negative, pointing to a decline in hours worked.
After falling sharply last month, the prices-paid index was “little changed” at 10.6, a sign that input prices had increased only modestly.
The prices-received index fell to zero, indicating that selling prices were “flat.”
Indexes for the six-month outlook were generally higher this month and conveyed a “strong degree of optimism” about future business conditions, the New York Fed said.
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
