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New York state manufacturing growth increases in November: NY Fed
[NEW YORK] Manufacturing activity in New York state rose in November, bouncing back from October's report, which showed the weakest pace since April, the New York Federal Reserve said in a report on Monday.
The New York Fed's Empire State general business conditions index rose to 10.16 from October's 6.17.
Economists polled by Reuters had expected a reading of 11 this month. A reading above zero indicates expansion.
New orders climbed to 9.14 from the minus 1.73 seen in October, while inventories were at 0.0 against 2.27 in the prior.
The pace of growth in employment gauges declined, with the index for the number of employees falling to 8.51 from 10.23, while the average employee workweek index fell to minus 7.45 in November from October's minus 1.14.
The index of business conditions six months ahead rose to 47.61 from 41.66 the previous month.
The survey of manufacturing plants in the state is one of the earliest monthly guideposts to US factory conditions.