MRO Magazine

Survey: New York factories grow at slower pace in November


Industry

November 15, 2017
By Rehana Begg
Rehana Begg

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.

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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.