NEW YORK (Reuters) - A gauge of manufacturing in New York state rose in November, ending five straight months of contraction, while the outlook for coming months strengthened, the New York Federal Reserve said in a report on Tuesday.
The New York Fed’s “Empire State” general business conditions index rose to 0.61, marking the first time the index has been in positive territory since May and up from minus 8.48 the month before. Economists polled by Reuters had expected a reading of minus 2.1.
New orders fell to minus 2.07 from plus 0.16, while inventories dipped to minus 12.2 from minus 8.99.
Employment gauges were mixed. The index for the number of employees fell to minus 3.66 from plus 3.37 in October and the average employee workweek index rose to 2.44 from minus 4.49.
The index of business conditions six months ahead jumped to plus 39.02 in November from plus 6.74 in October.
The survey of manufacturing plants in the state is one of the earliest monthly guideposts to U.S. factory conditions.
Reporting by Chris Reese; Editing by James Dalgleish