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Empire State Manufacturing Survey continues to deteriorate
The Empire State Manufacturing Survey indicates that conditions for New York manufacturers continued to deteriorate in November. The general business conditions index slipped 0.8 point, to -25.4—a record low in this survey’s seven-year history. The indexes for new orders and shipments also edged down to record lows, while the measures for unfilled orders, employment, and inventories all slipped to their lowest levels since late 2001. The prices paid index fell for the fourth straight month, and the prices received index tumbled to its lowest level in more than three years. Most of the forward-looking indexes also dropped, led by pronounced declines in the measures for expected general business conditions, shipments, capital spending, and technology spending; the last two measures fell below zero for the first time.
Posted: November 17, 2008 Monday 08:30 AM