The New York Fed's Manufacturing Index for November rose to 30.9 from 19.8 in October, larger than the expected rise to 21.6. The headline was boosted by a rise in the New Orders subindex to 28.8 from 24.3 (a promising sign for manufacturing activity in the coming months), a jump in the Prices Paid subindex to 83.0 from 78.7 and a jump in the Employment subindex to 26.0 from 17.1 (a record high). The only negative spot was a decline in the six-month business conditions subindex to 36.9 from 52. FX markets did not see any notable reaction to the data.
Additional Takeaways
"Forty-three percent of respondents reported that conditions had improved over the month, while 12 percent reported that conditions had worsened."
"The delivery times index came in at 32.2, indicating significantly longer delivery times."
"The prices paid index edged up four points to 83.0, and the prices received index moved up seven points to a record high of 50.8, signaling ongoing substantial increases in both input prices and selling prices."
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