Investing.com - Business activity in New York State slowed sharply in November but remained solid after rising to a multi-year high in the previous month, according to a report released on Wednesday.
The New York Federal Reserve reported that its Empire State manufacturing index fell eleven points to 19.4 in November, compared to analysts forecast for a reading of 26.00.
The index had hit a three-year high of 30.2 in October.
The index rates general business conditions in New York. A level above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index climbed to 20.7 and the shipments index came in at 18.4 - readings that pointed to ongoing solid gains in orders and shipments.
Delivery times were slightly shorter than in October the report said and inventory levels edged higher.
Market indicators reflected moderate employment gains and little change in hours worked.
Both input prices and selling prices rose at a pace that was little changed from the previous month.
Indexes assessing the six-month outlook suggested that firms were very optimistic about future business conditions.