The Empire State Manufacturing Survey “continued to expand strongly” to 19.4 in November after hitting a 3-year high last month, though it missed the 26.0 median forecast. However, The new orders index climbed to 20.7 and the shipments index came in at 18.4, both indicating solid gains and activity.
Looking ahead to the next 6 months, firms were very optimistic as the index for future business conditions increased 5 points to 49.9. The index for future new orders rose 9 points to 53.7, a multiyear high.
Employment and the average workweek were expected to increase in the months ahead, while the capital expenditures index gained 4 points to 25.4. The technology spending index declined 6 points to 10.8.