Empire State Index Turns Positive

A measure of New York-area manufacturing conditions turned positive in November for the first time in four months, as respondents reported both rising new orders and shipments.

The Empire Fed index rose 8.3 points to 1.5, on a scale where any reading above zero indicates improving conditions, the New York Fed said Tuesday.

The new-orders index climbed 8.7 points to 3.1, and the shipments index rose 9.1 points to 8.5.

The inventories index fell 11.3 points to -23.6, a multiyear low, indicating that inventory levels declined significantly.

However, the index for number of employees dropped 6.2 points to -10.9, and the average workweek also remained in negative territory.

The Empire State report is the first of many regional manufacturing gauges released ahead of the national Institute for Supply Management survey, which in October was positive for the second month.

Manufacturing output was flat in the 12 months ending September, a separate Federal Reserve report shows.

MarketWatch

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Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell