New York manufacturing shows slower gains

Nov. 16, 2009 at 2:36 PM
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NEW YORK, Nov. 16 (UPI) -- The New York Federal Reserve said state manufacturing conditions reflected in a monthly survey rose in November but showed slower growth than a month ago.

In November, the general business conditions index for the New York area rose for the fourth consecutive month, although the index dropped 11 points to 23.5 from October's "relatively strong level" of 34.5, the New York bank said.

The general business conditions index for the Empire State turned positive in August for the first time in more than a year, gained 7 points to 18.9 in September and rose 15.7 points higher in October.

In November, the new orders index fell from 30.8 to 16.7, while the shipments index dropped from 35.1 to 16.7.

The delivery time index fell below zero to minus 2.6. The unfilled orders index also dropped to minus 2.6.

But the outlook for the future remained optimistic, the New York Fed said.

The future general business index rose to 57, its highest level in several years.

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