Washington (awp / dpa) – Growth in manufacturing activity in the New York area slowed further in November, as economic conditions remained difficult in the economic capital of the country, facing a further rise in Covid-19 cases, according to the Empire State monthly indicator released by the Fed on Monday.
The index, which has been seeing a sawtooth trend since this summer, has lost 4 points, falling to 6.3 points, well below the 14 points expected by analysts.
Activity increases when the index is greater than 0, and contracts when it is lower.
This survey of industrialists in the region carried out between November 2 and 9 showed that new orders and shipments of goods increased little compared to October.
The employment situation, on the other hand, is improving: the index measuring the number of employees rose by 2 points to 9.4, the highest for almost a year.
Businesses remain optimistic, and expect the situation to improve over the next six months.
New York City is facing sharply rising contamination cases, and new restriction measures have been put in place, including the 10 p.m. closure of bars and restaurants. Public schools could also close their doors again.
The index plunged in April and May, falling to historic lows, because of the containment measures put in place in the country to curb the spread of Covid-19. It recovered in June, before rebounding strongly in July, and has been on a roller coaster ever since.
afp / al
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