NEW YORK, Nov. 15 (UPI) -- The general business index for the manufacturing sector in New York showed a slight contraction in November, the Federal Reserve Bank of New York said Friday.
The general business index dropped four points, slipping into negative territory at minus 2.2, the Fed said.
The new orders index also fell from slow growth to contraction, giving up 13 points to minus 5.5. The shipments index followed suit, giving up 14 points to hit minus 0.5.
The index measuring the number of employees came in flat, dropping four points to zero. The average work week index also slipped, falling to minus 5.3.
Despite all the negative numbers, "indexes for the six-month outlook continued to convey a strong degree of optimism about future business conditions," the Fed said in its monthly report.
The six-month outlook index dropped three points, "but remained respectably high" at 37.5. The future shipments index added six points to 37.8. And the index for expected numbers of employees "surged" the Fed said, adding 15 points to 22.4, "indicating that strong gains in employment are expected."
