The
New York Federal Reserve reported on Monday that its latest Empire State
Manufacturing Survey showed that manufacturing activity in the New York region
grew at solid pace in early November.
According
to the survey, NY Fed Empire State manufacturing index rose from 19.8 in
October to 30.9 this month, pointing to a continuation of business activity
growth in the region.
Economists
had expected the index to increase to 21.2.
Anything
below zero signals contraction.
According
to the report, the new orders index rose 4.5 points to 28.8, and the shipments
index surged 19.3 points to 28.2, indicating strong increases in both measures.
Elsewhere, the employment index jumped 8.9 points to 26.0, recording its quickest
pace of growth on record. Meanwhile, the delivery times index fell 5.8 points
to 32.2, indicating noticeably longer delivery times. On the price front, the prices
paid index increased 4.3 points to 83.0 in November, and the prices received
index soared 7.3 points to a record high of 50.8, signaling continuing strong gains
in both input prices and selling prices.