New York Manufacturing Contracted Again in November

Factory activity in New York state contracted for the fourth straight month in November, as a strong dollar and slow overseas growth continued to drag down manufacturers.

The New York Federal Reserve’s Empire State manufacturing index edged up slightly to minus 10.7, from minus 11.4 in October. Still, any figure below zero indicates contraction.

The survey found that factories cut jobs for the third straight month. New orders also fell, though at a slower pace.

U.S. manufacturers have been hammered this year by a slowdown in China, the world’s second-largest economy, weak growth in Europe and a stronger dollar, which makes U.S. goods pricier overseas. Falling oil prices have also cut into orders for steel pipe and other drilling equipment.

via CNBC

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza