Empire State manufacturing index unexpectedly ticks higher
Business conditions in the New York region unexpectedly improved in November, according to a survey from the New York Fed.
The Empire State manufacturing index rose to 23.3 from 21.1 in October, beating expectations for a reading of 20.0. The survey found that 41% of respondents reported an improvement in conditions over the month, while 18% said conditions had worsened.
The new orders index slipped to 20.4 this month from 22.5 in October, while the shipments index rose to 28.0 from 26.3. The delivery time gauge ticked down to 5.0 from 4.4 and the inventories index surged to 10.9 from 0.8 last month.
Meanwhile, the index for future business conditions pushed up five points to 33.6.