Manufacturing in New York State strengthened more than expected in November. The Empire State Manufacturing Survey general business index rose two points to 23.3 as new orders and shipments showed moderate growth. Forty-one percent of respondents reported that general business conditions had improved over the month, while 18 percent reported that conditions had worsened.
Manufacturers surveyed by the Federal Reserve Bank of New York noted longer delivery times, higher inventories and steady backlogs. Prices paid remained high, but the prices received index was little changed from October.
Indices showed employment levels increased during November along with a longer workweek.
“Business activity continued to grow at a solid clip in New York State, according to firms responding to the November survey,” the report said. “Looking ahead, firms remained fairly optimistic about the six-month outlook.”
Firms were optimistic about future capital expenditures and technology spending. Indices for the two indicators of future growth gained 8.8 percent and 10.5 percent, respectively.
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