The Empire State manufacturing index moved slightly into positive territory in November, the Federal Reserve Bank of New York reported Tuesday.
The general business conditions index rose to 0.6 in November from negative 8.5 in October, indicating some expansion but mostly mixed signs in the indices. The upturn ended a string of five months in negative territory
The report said the new orders index edged down to minus-2.1, indicating that orders were a little lower, while the shipments index rose to 9.4, indicating an increase in shipments. Inventories fell to minus-12.2 as levels declined. The prices paid index continued to move downward, reaching 18.3, its lowest level in nearly two years. The prices received index rose slightly, to 6.1, evidence that selling prices continued to increase. Employment levels were slightly lower and the average work week slightly longer.
Also, future indices surged, indicating a widespread expectation that conditions would improve in the months ahead, with the future general business conditions index rising to its highest level since May.