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The numbers The New York Fed’s Empire State business conditions index, a gauge of manufacturing activity in the state, rose 13.7 points in November to 9.1, the regional Fed bank said Wednesday. It is the highest level since April.
Economists had expected a negative 3 reading, according to a survey by the Wall Street Journal.
Any reading above zero indicates improving conditions.
Key details Below the headline, the details were not as strong in November.
The closely watched index for new orders slipped 0.7 points to negative 4.9. Unfilled orders fell 4.1 points to negative 23.2.
Expectations for six months ahead slumped 24 points to negative 0.9.
On the other hand, the shipments index rose 8.6 points to 10 in November.
Big picture: Manufacturing data has been weak and monthly readings have been volatile. The improvement in the Empire State index in November is likely to rekindle talk of stability in the factory sector going forward. Last month’s weak ISM factory index data had taken some steam out of expectations of a bottom. The ISM factory index dropped to 46.7% in October from 49% in the prior month. It was the 12th straight month in contractionary territory.
Market reaction: Stocks
DJIA
SPX
were set to open higher on Wednesday while the 10-year Treasury yield
BX:TMUBMUSD10Y
rose to 4.47% in early morning trading.
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