Empire State manufacturing index jumps in November

Factory sector activity improved in the Empire State during the month of November, the results of a survey showed.

The Federal Reserve Bank of New York's regional manufacturing sector index jumped from -4.2 for October to 9.1 in November.

Economists had anticipated a reading of -3.5.

A key gauge for new orders however dipped from -4.2 to -4.9.

Subindices tracking the number of employees and the length of the average workweek fell alongside.

Delivery times on the other hand continued to shorten and shipments sped up.

Prices paid also rose at a slower rate with the corresponding subindex slipping from 25.5 to 22.2.

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