The NY Federal Reserve’s Empire State Manufacturing Survey came in at 2.9 for November, down -1.1 points from October, indicating slowing but relatively stable manufacturing activity (a reading above 0 indicates expansion). This is the fifth straight month the index has remained in a narrow range between 2.0 and 5.0 after recovering from a plunge to a 17-year low of -8.6 in June. The indices for New Orders, Unfilled Orders and Employment all ticked up, while the other six all decreased slightly. The future business conditions index, measuring sentiment six months ahead (2Q2020), was up 2.3 points to 19.4. However, this reading is at the low-end of its range over the last four years.