Manufacturing in New York picks up slightly
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WASHINGTON — Manufacturing in New York state expanded in November, ending three straight months of contraction.
The Federal Reserve Bank of New York says its Empire State index rose to a reading of 1.5 this month, up from minus 6.8 in October. Anything above zero signals expansion.
Weaknesses still persist for New York factories despite the slight upswing. New orders and shipments turned positive this month, but manufacturers still appear to have shed workers and cut back on hours. Prices paid and received by manufacturers grew modestly.
Manufacturers have been hampered by a strong dollar, which makes their goods more expensive abroad. Slow economic growth worldwide has also hurt demand. Manufacturers’ outlook for the next six months became less optimistic in November compared to October.
