The Empire Manufacturing Index is the first look at goods producers each month, though it is a narrow measure and only reflects conditions in New York.
In November, the survey fell 11 points to 23.5, but remains well above zero, which marks the line between expansion and contraction. Shipments, new orders, and prices eased; however, the drop is not worrisome, in my view, as the index has been on an almost uninterrupted, upward pace since early in the year.
A look at business conditions going out six months did improve to its best level in about 5 years, rising just over one point to 57.0.
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