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UPDATE: Empire Fed manufacturing is out.The index unexpectedly rose to -5.22 from -6.16 last month.
Full text of the release below:
The November Empire State Manufacturing Survey indicates that conditions for New York manufacturers declined at a modest pace. The general business conditions index was negative for a fourth consecutive month, but was little changed at -5.2. The new orders index rose above zero for the first time since June, although it was only slightly positive at 3.1. The shipments index shot up 20-one points to 14.6, its highest level since May. The prices paid index fell three points to 14.6, indicating a modest increase in input prices, and the prices received index held steady at 5.6. labour market conditions were noticeably weaker. The index for number of employees fell fourteen points to -14.6, a sharp drop to its lowest level since 2009, and the average workweek index drifted down to -7.9. Indexes for the six-month outlook were mixed, with the future general business conditions index declining seven points to 12.9, while the future new orders and shipments indexes rose.
In a series of supplementary questions, firms were asked about the extent to which their businesses were affected by the “superstorm” Sandy. Among firms based in upstate New York, only 21 per cent reported any loss of activity due to the storm—and in most cases, for no more than one day. However, 100 per cent of firms in the New York City area reported some reduction in activity. The most widely cited factors contributing to a reduction in business activity were loss of power and loss of communications—reported as major factors by more than 70 per cent of downstate businesses.
ORIGINAL: Minutes away from the latest Empire Fed manufacturing report, out at 8:30 AM ET.
Economists expect the index to fall to -7.35 from -6.16 last month, marking a slowdown in manufacturing activity.
We will have the report LIVE at 8:30 AM ET. Click here for updates >
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