Input Stories

Manufacturing activity in New York state grew significantly across most indices in November, with the headline general business conditions index rising 43.1 points to 31.2, the highest reading since December 2021. The new orders index increased to 28.0, rising 38.2 points, and the shipments index grew 35.2 points to 32.5, reflecting sharp increases in both. Unfilled orders fell to -10.3, while inventories improved from -7.5 to 1.0. Delivery times lengthened slightly, while supply worsened to -4.1.

Despite the sharp increase in business activity, employment decreased slightly, with the index for the number of employees falling to 0.9 from 4.1. The average employee workweek improved some, from 4.7 to 6.1, signaling a slight increase in hours worked. Input and selling price diverged, as reflected in the prices paid index falling 1.2 points to 27.8 and the prices received index moving up 1.6 points to 12.4, which means some cost improvement for manufacturers that have been operating in a weakened pricing environment.

Although expectations for future business activity decreased 5.5 points to 33.2 after the previous month’s index hit a multiyear high (38.7), firms continue to feel optimistic about the future. The capital spending index also continued to increase, rising 3.7 points to 13.4 in November.