Business News Asia
The Federal Reserve Bank of New York released its Empire State Manufacturing Index which came in above expectations.
The New York Fed’s manufacturing index rose to +4.5 in November, above analysts’ expectations of -6.0, up from -9.1 in October.
The manufacturing index was driven by an increase in employment, although new orders declined. But the business sector has reduced confidence in the next 6 months.
The index is above 0, indicating an expansion in New York’s manufacturing sector after contracting in 7 of 11 months this year.