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New York state manufacturing improves

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New York state manufacturing improves

Uptick in activity slightly misses expectations.

The November 2014 Empire State Manufacturing Survey indicates that business activity continued to expand for New York manufacturers.

"The October and November readings for this index point to a downshift in the pace of growth compared with the May-September period."

The headline general business conditions index climbed four points to 10.2, indicating a pace of growth somewhat faster than last month’s. Nonetheless, the October and November readings for this index point to a downshift in the pace of growth compared with the May-September period, when the index averaged around 20. About 35% of respondents reported that conditions had improved over the month, while 24% reported that conditions had worsened. 

Analysts had expected the index to come in at 11.0.

The new orders index rose eleven points to 9.1, and the shipments index advanced eleven points to 11.8. The index for number of employees edged down to 8.5 but remained positive, indicating that employment levels grew; the average workweek index, by contrast, was negative, pointing to a decline in hours worked.

After falling sharply last month, the prices paid index was little changed at 10.6—a sign that input prices had increased only modestly. The prices received index fell to zero, indicating that selling prices were flat. Indexes for the six-month outlook were generally higher this month and conveyed a strong degree of optimism about future business conditions.

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