Survey: New York factories grow at slower pace in November
Washington – Manufacturing activity in New York expanded at a slower pace this month but remains at a healthy level.
The Federal Reserve Bank of New York says its Empire State Manufacturing Survey slid to 19.4 in November from a three-year high 30.2 last month. But any reading over zero signals growth. New orders grew faster this month, though shipments and hiring expanded at a slower pace.
Across the United States, factories are benefiting from a strengthening global economy and from a weaker dollar, which makes U.S. products cheaper in foreign markets.
The Institute for Supply Management, a trade group of purchasing managers, reported earlier this month that U.S. manufacturing has expanded for 14 straight months.
The New York Fed’s report adds to evidence that the U.S. economy is healthy. Growth clocked in at a solid 3 per cent annual pace from July through September on top of a 3.1 per cent gain in the second quarter of the year. Unemployment has dropped to 4.1 per cent, close to a 17-year low.