Manufacturing in New York State continued to expand in November, but the headline business conditions index of the Empire State Manufacturing Survey fell to 19.4 after reaching a three-year high in October. The November index lost 11 points and dropped more than expected, but solid gains in new orders and shipments indicate still brisk growth in the region. New orders climbed three points to 20.7 and shipments slowed a bit to an index reading of 18.4.
Inventories increased modestly in the November report. Delivery times were shorter and unfilled orders saw a small decline. Input prices were down slightly from October and selling prices increased.
Employment expanded at a somewhat slower pace, while workweek hours held steady.
Firms were very optimistic in the six-month outlook. The future business conditions index climbed five points to 49.9 and the future new orders gained nine points to reach 53.7, a multi-year high. Manufacturers expect to hire more workers in the coming months.
Sandy WilliamsRead more from Sandy Williams
Latest in Steel Products
Construction Spending Up in August: AGC
Construction spending in the US increased in August, according to the Associated General Contractors of America (AGC).
USS Slates Layoffs at Granite City Works
U.S. Steel is laying off ~300 workers at its Granite City Works in Illinois, a company spokeswoman told SMU on Tuesday.
AISI: Raw Steel Production Shifts Down
US raw steel output took a downward turn during the week ending Sept. 30, according to data released by the American Iron and Steel Institute (AISI) on Monday, Oct. 2.
GM Lays Off Workers in Ohio and Indiana, Cites UAW Strike
General Motors has announced layoffs at its Parma Metal Center in Ohio and Marion Metal Center in Indiana as a result of the ongoing United Auto Workers (UAW) strike.
Rig Count Drops in the US, Inches Up in Canada
The number of active oil and gas drilling rigs in the US dropped this week while Canada’s count increased by one, said oilfield services company Baker Hughes in its weekly report.