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More data indicating an economy treading water

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More data indicating an economy treading water

Report by New York Fed reflects reduced manufacturing activity.

Manufacturing conditions in New York weakened somewhat in November, according to a report issued today by the Federal Reserve Bank of New York.

The general business conditions index fell four points to -2.2, its first negative reading since May. Economists had expected a reading of 5.0.

The new orders index also entered negative territory, falling thirteen points to -5.5, and the shipments index moved below zero with a fourteen-point drop to -0.5. 

The prices paid index fell five points to 17.1, indicating a slowing of input price increases. The prices received index fell to -4.0; the negative reading was a sign that selling prices had declined—their first retreat in two years.

Labor market conditions were also weak, with the index for number of employees falling four points to 0.0, while the average workweek index dropped to -5.3.

Despite the negative readings registered by many of the indexes for current activity, indexes for the six-month outlook continued to convey a strong degree of optimism about future business conditions.

For the full report, click here.

 

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