by Bill McBride on 11/15/2016 10:33:00 AM
Tuesday, November 15, 2016
Earlier from the NY Fed: Empire State Manufacturing Survey
Business activity stabilized in New York State, according to firms responding to the November 2016 Empire State Manufacturing Survey. The headline general business conditions index climbed out of negative territory for the first time in four months, rising eight points to 1.5.This was above the consensus forecast of -2.3, and suggests manufacturing expanded in the NY region in November.
Both employment indexes remained negative in November. The index for number of employees dropped six points to -10.9, a sign that employment levels were contracting, and the average workweek index, little changed at -10.9, pointed to a decline in hours worked.
Indexes for the six-month outlook suggested that respondents were somewhat less optimistic about future conditions than they were last month. ... Indexes for future employment and the future average workweek, at 10.9 and 10.0, respectively, indicated that firms expected to expand employee rolls and hours worked in the months ahead.
Posted by Bill McBride on 11/15/2016 10:33:00 AM