The New York Fed’s Empire State Business Index rises more than expected

NEW YORK, Nov. 15 (Reuters) – The barometer of manufacturing activity in New York state rebounded more-than-expected this month, with shipments rebounding and factory jobs continuing to grow steadily, the New York Federal Reserve reported Tuesday. York.

The regional Fed’s “Empire State” index on current economic conditions rose to a reading of 4.5 in November – the highest since July – from -9.1 in October.

This number beat economists’ median estimate polled by Reuters of a negative reading of 5 and beat the poll’s prediction of 29. A reading above zero indicates that the sector is expanding.

Shipments improved and its employment measure rose to its highest level since July.

At the same time, however, new orders fell and input price measures and received prices rose modestly, an indication of the slow pace of easing inflationary pressures that prompted the Fed to hike interest rates significantly. aggressive this year.

New York manufacturing firms were also less optimistic. The survey’s six-month outlook fell 4.3 points this month to -6.1, the lowest since July, from -1.8 in October.

(edited by Javier Leira in Spanish)