Empire State Manufacturing Survey Generally Soft

The Empire State index has had a rough spell the last six months though has held in positive territory, though not by much and at only 2.9 in November. New orders did a little better in November but again not by much at only 5.5 in a gain that is offset in part by continuing contraction in unfilled orders at minus 8.2.

Empire State's sample is likely working down unfilled orders to keep shipments up which are at 8.8 in the November report. Employment is also positive, at 10.4 for one of the best showings of the year.

The six-month outlook for Empire State's respondents has, like most of the readings, been tilting lower this year though November does see a slight uptick to 19.4 which is still soft for this reading. Price pressures continued to ease whether for inputs or selling prices.

This report is generally soft, opening November's run of manufacturing data by underscoring domestic weakness as the factory sector faces the challenges of slowing global demand.