U.S. November Empire State Manufacturing Survey - Activity sees 12 month high, prices slower but still firm
November’s Empire State manufacturing index at a positive 18.7 from 10.7 is the strongest in twelve months, and the third healthy number in four months, though with November 2024 strength at 20.7 not having persisted we would treat the latest strength with a degree of caution.
The positive current month data was not matched by 6-month expectations, where the index slowed to 19.1 from 30.3, reversing most but not all of an October acceleration to an 11-month high.
Current month detail showed new orders also at a 1-month high, at 15.9 from 3.7, while employment saw a more modest rise to 6.6 from 6.2, this a 4-month high.
Prices were slower, paid at 49.0 from 62.4 and received at 24.0 from 27.2, but both within the recent range which has accelerated significantly from a year ago, presumably on tariffs. Six month expectations on prices were similarly still firm if less so, paid at 62.5 from 65.0 and received at 41.3 from 41.7.
