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Manufacturing grew substantially in NY in November, survey shows
Manufacturing activity grew substantially in November, according to a state survey. (file photo)
Manufacturing activity grew substantially in November, according to a state survey. (file photo)
Manufacturing grew substantially in NY in November, survey shows
Listen to this articleManufacturing activity grew substantially in New York, according to the Federal Reserve Bank of New York’s November Empire State Manufacturing Survey.
The general business conditions index climbed forty-three points to 31.2, its highest reading since December 2021. There was also a sharp increase in orders and shipments. Price increased remained steady.
Labor market conditions were stable. The index for the number of employees edged down to 0.9, indicating that employment levels were little changed, and the average workweek index edged up to 6.1, pointing to a modest increase in hours worked.
Firms remained optimistic that conditions would continue to improve in the months ahead.
After reaching a multi-year high last month, the index for future business activity edged down six points to a still-high reading of 33.2, with half of the respondents expecting conditions to improve over the next six months.
Respondents also expect employment to grow moderately, and capital spending plans to continue to expand.
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