Manufacturing performance in New York State continued to contract in November, new stats revealed on Monday. Figures showed a slightly slower decline for the month, but the improvement was not as strong as economists had predicted.
The New York Federal Reserve said its Empire State index came in at negative 10.7 for November. This compared to a reading of negative 11.36 for the previous month.
Economists had expected the figure to improve to negative 5.0 for November.
Labor market conditions deteriorated, with survey indicators pointing to a decline in both employment levels and hours worked.
Looking further out, optimism about future conditions remained tepid, even though employment is expected to increase as companies gear up for the holidays.
The Empire State index measures manufacturing performance in New York State. It is compiled using surveys of about 175 manufacturers in the state. A reading below zero indicates contraction.
The material has been provided by InstaForex Company – www.instaforex.com