Business activity in New York increases less than expected in November

November Empire State Manufacturing: +6.3 vs. +13.5 consensus and +10.5 prior.

New Orders index: +3.7 vs. +12.3 prior.

Shipments index: +6.3 vs. +17.8 prior.

Number of employees index: +9.4 vs. +7.2 prior; the index is the highest level in nearly a year.

Capital expenditures index rose to 17.9 from 11.9 in October; technology spending index increased to 17.9 from 11.9.

Index for future business conditions held steady at 33.9.

"The index for future new orders was positive but slightly lower than last month. Employment levels and the average workweek are expected to continue to increase in the months ahead," according to the report from the New York Fed.