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Financial News: New York Manufacturing Index Indicates Strong Growth In

New York Manufacturing Index Indicates Strong Growth In November

11/15/2021 - 10:01:00 (RTTNews)

(RTTNews) - New York manufacturing activity grew strongly in the month of November, according to a report released by the Federal Reserve Bank of New York on Monday.

The New York Fed said its general business conditions index jumped to 30.9 in November from 19.8 in October, with a positive reading indicating growth. Economists had expected the index to rise to 21.6.

The much bigger than expected increase by the headline index came as the shipments index spiked to 28.2 in November from 8.9 in October.

The new orders index also surged up to 28.8 in November from 24.3 in October, while the number of employees index jumped to a record high 26.0 from 17.1.

The report also showed the prices paid index rose to 83.0 in November from 78.7 in October and the prices received index climbed to a record high 50.8 from 43.5.

The New York Fed said the delivery time index slid to 32.2 in November from 38.0 in October, indicating significantly longer delivery times.

Meanwhile, the report said firms were less optimistic about the six-month outlook than they were last month, with the index for future business conditions tumbling to 36.9 in November from 52.0 in October.

The Philadelphia Federal Reserve is scheduled to release a separate report on regional manufacturing activity on Thursday. The Philly Fed Index is expected to edge down to 21.4 in November from 23.8 in October.

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