A recent report from the Federal Reserve Bank of New York indicates a significant recovery in regional manufacturing activity for November. The general business conditions index, as reported by the New York Fed, soared to 31.2, a sharp increase from October's -11.9. A positive figure suggests growth, and this leap exceeds economists' projections, which anticipated a slight rise to -0.7.
This substantial increase marks the index's highest point since December 2021. The improvement is attributed to the new orders index climbing to 28.0 from -10.2, and the shipments index jumping to 32.5 from -2.7 in the previous month.
On the employment front, the index for the number of employees saw a slight dip to 0.9 from 4.1 in October, indicating stable employment levels. In terms of pricing, the prices paid index decreased slightly to 27.8 from 29.0, while the prices received index moved up to 12.4 from 10.8.
Looking forward, firms in the region maintain a positive outlook for business conditions improving in the near future, although the index for future business activity dropped to 33.2 from 38.7 in October.
Next Thursday, the Federal Reserve Bank of Philadelphia will publish its report on regional manufacturing activity for November.