15.11.201809:50:00UTC+00New York Manufacturing Index Unexpectedly Indicates Faster Growth In November

A report released by the Federal Reserve Bank of New York on Thursday showed the pace of growth in New York manufacturing activity unexpectedly accelerated in the month of November.

The New York Fed said its general business conditions index rose to 23.3 in November from 21.1 in October, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to dip to 20.0.

The unexpected increase by the headline index was partly due to a faster rate of job growth, as the number of employees index jumped to 14.1 in November from 9.0 in October.

The shipments index also climbed to 28.0 in November from 26.3 in October, while the new orders index fell to 20.4 from 22.5.

With regard to inflation, the prices paid index rose to 44.5 in November from 42.0 in October, but the prices received index slipped to 13.1 from 14.3.

The New York Fed said firms expressed a moderate level of optimism about the six-month outlook, with the index for future business conditions rising to 33.6 in November from 29.0 in October.

Meanwhile, a separate report released by the Philadelphia Fed showed growth in Philadelphia-area manufacturing activity slowed by much more than expected in November.

The Philly Fed said its diffusion index for current general activity tumbled to 12.9 in November from 22.2 in September. The index had been expected to dip to 20.0.