New York State Manufacturing Growth Tops Forecasts, Driving Up Prices
(Bloomberg) -- New York state manufacturing expanded in November by more than forecast as orders growth and employment accelerated, while an index of selling prices increased to the highest in data back to 2001.
The Federal Reserve Bank of New York’s general business conditions index rose to 30.9 from 19.8 a month earlier, a report showed Monday. Figures above zero indicate expansion. The November figure exceeded all projections in a Bloomberg survey of economists.
The report showed few signs that inflation is coming off the boil. The gauge of prices received climbed 7.3 points to 50.8, while a measure of prices paid for materials increased to 83, the second-highest on record.
Robust demand is powering factory job growth as well, with the New York Fed’s measure surging 8.9 points to a record 26. The average workweek also advanced.
Delivery times lengthened, and the group’s gauge of shipments advanced to a four-month high.
At the same time, New York state manufacturers’ optimism about business conditions over the next six months pulled back. Still, the report showed expectations for capital expenditures in the months ahead rose to the highest since January 2018.
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