Manufacturing activity in New York rebounded in November, but still came in below expectations in the New York Fed’s latest Empire State manufacturing survey.
Expectations were for the reading to come in at 12, up from 6.17 last month.
The report’s index for the number of employees “edged down” to 8.5 but remained positive indicating that employment levels few, though the average workweek index indicated a decline in average hours worked.
The report also showed that indexes for the six-month outlook were “generally higher” in November and “conveyed a strong degree of optimism about future business conditions.”
In a note to clients following the report, Ian Shepherdson at Pantheon Macro wrote that the number was “mildly disappointing” but not a clear national signal.
Shepherdson added that the decline the index’s prices paid and prices received sub-indexes likely is a result of declining gas prices, the report possibly presents some downside risk to the Philly Fed manufacturing survey due out later this week.