The Empire State index for November lost 4 points, falling to 6.3 points, well below the 14 points expected by analysts.
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Growth in manufacturing activity in the New York area slowed further in November, with economic conditions remaining difficult in the country’s economic capital, 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 cases of contamination, and new restriction measures have been put in place, including the closure at 10 p.m. of bars and restaurants. Public schools could also close their doors again.
The index had plunged in April and May, falling to all-time lows, due to 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.
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