New York region manufacturing activity weakens in November

Manufacturing activity in the New York region entered into negative territory in November for the first time since May, according to a survey released Friday by the Federal Reserve Bank of New York. The general business conditions index fell by four points to minus 2.2, its first negative reading since May, according to the latest Empire State Manufacturing Survey. The new orders index also dropped below zero, falling 13 points to minus5.5, and the shipments index turned negative with a 14-point drop to minus 0.5. The survey showed labor market conditions were also weak, with the index for number of employees falling four points to 0.0, while the average workweek index down to minus 5.3. According to the report, despite the negative readings registered by many of the figures for current activity, indices for the six-month outlook continued to convey a strong degree of optimism about future business conditions, as the future general business conditions index fell by three points, but remained at a respectably high level of 37.5. The Empire State manufacturing index closely watches manufacturing activity in New York, northern New Jersey and southern Connecticut. The Federal Reserve Bank of New York conducts the survey monthly and participants represent a variety of industries.