Business activity in New York grows strongly in November survey

Business activity grew strongly across New York, according to the latest Empire State manufacturing survey, with the headline index climbing double digits.

According to the report, the diffusion index for general business conditions climbed 11.1 points to 30.9, up from the previous month's print of 19.8 and ahead of forecasts for a reading of 21.6.

New orders and shipments posted substantial increases, up 4.5 points and 19.3 points, respectively, while unfilled orders rose 5.8 points and delivery times were significantly longer.

Employment grew at its fastest pace on record, up 8.9 points, and the average workweek increased 7.8 points.

The prices paid index held near its record high, and the prices received index reached a new peak.

Looking ahead, while firms that responded to the survey said they remained optimistic that conditions will improve over the next six months, they were less so than a month earlier as the index for future business conditions fell 15 points to 36.9.