The Federal Reserve Bank’s Empire State Manufacturing Survey for November indicated strong growth at 19.4, albeit less frothy than October’s multi-year high of 30.2 (any reading above zero indicates expansion). In particular, New Orders rose to 20.7 and Shipments came in at 18.4, down from 27.5 in October.
The Future Conditions Index measuring expectations six months from now rose to 49.9, its highest reading in almost six years, perhaps reflecting optimism about the impact of potential changes in Federal and NYS taxes for manufacturers. Growth is expected, especially in New Orders, Shipments, Prices Paid and Capital Expenditures.
