The Richmond Federal Reserve’s manufacturing survey came in at 13.
Expectations were for a tick of 4.
October had printed at 1.
The survey measures industrial activity from Maryland to South Carolina and out to West Virginia.
Indices increased across the board, with shipments surging 18 points to a reading of 16. The employees-gained index improved two points to a reading of 6.
Outlook also improved. “Producers anticipated stronger business conditions in the next six months,” the report said.
Here’s the chart for headline activity. You can see it’s come up slightly in the past few months after a lengthy decline.
The hiring outlook improved three points to a reading of 16. The expected-shipments index climbed seen points to a reading of 37, and the outlook for new orders gained 10 points to a reading of 33.
“Survey participants looked for little change in the average workweek during the next six months. The index settled at 2, following the previous reading of 5. Survey participants expected average wages to rise more quickly in the next six months; that index gained 10 points in November, finishing at 31.”
“Vendor lead-time shortened, shaving three points from last month’s index, to settle at 8. The backlog of orders index gained 14 points moving to a reading of −1. Capacity utilization flattened in November; the index gained five points, levelling off at 0. Finished goods and raw materials built up at a slightly slower rate this month. Those indexes shed one and three points respectively, with both gauges ending at a reading of 13.”