By Xavier Fontdegloria
New York's manufacturing activity gained momentum in November on strong demand and strong job creation, according to a survey from the Federal Reserve Bank of New York released Monday.
The Empire State Manufacturing Survey's general business conditions index rose to 30.9 in November from 19.8 in October, above the 22.0 expected by economists polled by The Wall Street Journal. Any reading above zero suggests that the region's manufacturing sector is growing.
In November, 43% of the firms polled in the survey said conditions had improved compared with October, while 12% reported that business worsened.
Demand for goods gathered momentum over the month. The new orders index rose five points to 28.8, while the shipments index climbed sharply to 28.2.
Supply-chain strains were still widespread, but the survey pointed to an incipient improvement.
The unfilled orders index dropped to 12.7 from 18.5 the previous month, although it remained above-average levels. The delivery times index declined to 32.2 from last month's record high of 38.0, the data showed. Inventories increased modestly, the report said.
Labor market indicators signaled strong job creation. The index for number of employees rose to 26.0, a new record high, and the average workweek index increased eight points to 23.1.
Price pressures remained at historically high levels, according to the survey. The prices paid index edged up four points to 83.0, and the prices received index climbed seven points to a record high of 50.8.
In November, none of the respondents reported a decrease in input prices, the data showed.
Firms were less optimistic about the outlook in the next six months. The index for future business conditions fell 15 points to 36.9, and the indexes for future new orders and shipments also declined to similar levels, the New York Fed said.
Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com
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November 15, 2021 at 08:30PM
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New York Factory Activity Picked Up Pace in November -- NY Fed - MarketWatch
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