NY Empire State manufacturing index falls to its lowest level in November

Mon, Nov 17 2008, 13:47 GMT
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FXstreet.com (Barcelona) – Economic conditions for manufacturers of the New York Fed Area have worsened further in November, with the Empire State manufacturing index edging down to record low levels, according to the latest survey by the Federal Reserve of New York.

The general conditions index has dropped 0.8 points in November to -25.4, the lowest level in the survey’s seven years history, with sub indexes regarding new orders and shipments also declining to record lows.

Indexes for unfilled orders, employment and inventories have posted the lowest figures since the last months of 2001. Prices paid declined for the fourth consecutive month, while prices received fell to their lowest levels in three years.

The outlook of the sector does not seem likely to change abruptly in the coming months, as forward looking indicators have also dropped, specially sharply in the cases of expected general business conditions, shipments, capital spending, and technology spending, with the last two falling to levels below zero for the first time ever.

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