New York Fed releases November manufacturing index higher than expected

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.

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