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Growth in New York manufacturing activity slowed by more than anticipated in the month of November, according to a report released by the Federal Reserve Bank of New York on Wednesday.
The New York Fed said its general business conditions index dropped to 19.4 in November from 30.2 in October, although a positive reading still indicates growth. Economists had expected the index to fall to 26.0.
The bigger than expected decrease by the headline index was partly due to a slowdown in the pace of shipments growth, as the shipments index slid to 18.4 in November from 27.5 in October.
The number of employees index also fell to 11.5 in November from 15.6 in October, indicating a slowdown in the pace of job growth.
On the other hand, the new orders index rose to 20.7 in November from 18.0 in October, pointing to an acceleration in the pace of growth in new orders.
The report also said the prices received index edged up to 9.2 in November from 7.0 in October, while the prices paid index dipped to 24.6 from 27.3.
Looking ahead, the New York Fed said firms were very optimistic about the six-month outlook, as the index for future business conditions climbed to 49.9 in November from 44.8 in October.
The Philadelphia Federal Reserve is scheduled to release its report on regional manufacturing activity on Thursday. The Philly Fed Index is expected to dip to 25.0 in November from 27.9 in October.