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Empire State Manufacturing Survey Conditions were little changed in November
Business activity was little changed in New York State, according to firms responding to the November 2019 Empire State Manufacturing Survey. The headline general business conditions index came in at 2.9, roughly in line with its level in October. New orders increased slightly, and shipments grew modestly. Delivery times were somewhat shorter and inventories declined. Employment continued to expand, and the average workweek was slightly longer. Input price increases continued to slow, while selling prices increased modestly. Optimism about the six-month outlook remained subdued, while capital spending plans picked up markedly.
Growth Remains Sluggish
Manufacturing firms in New York State reported that business activity was little changed from last month. The general business conditions index was sluggish for the sixth consecutive month, coming in at 2.9 in November. Twenty-eight percent of respondents reported that conditions had improved over the month, while 26 percent reported that conditions had worsened. The new orders index edged up two points to 5.5, pointing to a small increase in orders. The shipments index fell four points to 8.8, a level indicating that shipments grew more modestly than last month. The unfilled orders index remained negative for a sixth consecutive month, indicating that unfilled orders continued to decline. Delivery times shortened and inventories were modestly lower.
Ongoing Employment Growth
The index for number of employees edged up to 10.4, indicating that employment expanded for the third consecutive month. The average workweek index came in at 2.3, indicating a slightly longer workweek. Input price increases continued to decelerate, with the prices paid index moving down three points to 20.5. The prices received index held steady at 6.2.
Indexes assessing the six-month outlook suggested that optimism about future conditions remained subdued. The index for future business conditions came in at 19.4. The index for future unfilled orders turned positive for the first time in several months, and inventories were expected to increase. The capital expenditures index jumped ten points to 19.2, and the technology spending index increased to 15.1.
Posted: November 15, 2019 Friday 08:30 AM