New York State Manufacturing Outlook Improves

The Empire State Manufacturing Survey indicates that conditions for New York manufacturers improved substantially in November, with the general business conditions index setting a record high of 41.0. Indexes for new orders and shipments also topped the previous records set in October, and the unfi lled orders and inventories indexes were slightly positive. Pricing indexes continued their recent pattern, with the prices paid index reading positive and the prices received index reading negative. Both employment indexes remained positive and close to last month’s levels. Respondents continued to be highly optimistic about future conditions, with the six-months-ahead indexes generally solidly positive and near the high readings of recent months. The future capital expenditures index improved for a third consecutive month, reaching a record high.

We are beginning to see more optimistic signs for manufacturing production growth in a number of states at this point. The employment outlook is still very sluggish.

Source: Federal Reserve Bank of NY