(RTTNews) - A report released by the Federal Reserve Bank of New York on Friday showed regional manufacturing activity has seen a substantial turnaround in the month of November.
The New York Fed said its general business conditions index skyrocketed to a positive 31.2 in November from a negative 11.9 in October, with a positive reading indicating growth. Economists had expected the index to jump to a negative 0.7.
With the much bigger than expected increase, the general business conditions index reached its highest level since December 2021.
The surge by the headline index came as the new orders index soared to a positive 28.0 in November from a negative 10.2 in October, while the shipments index spiked to a positive 32.5 in November from a negative 2.7 in October.
Meanwhile, the New York said the number of employees index fell to 0.9 in November from 4.1 in October, pointing to steady employment levels.
The report also said the prices paid index dipped to 27.8 in November from 29.0 in October, while the prices paid index crept up to 12.4 in November from 10.8 in October.
Looking ahead, the New York Fed said firms remained optimistic conditions would continue to improve in the months ahead, although the index for future business activity fell to 33.2 in November from a multi-year high of 38.7 in October.
The Federal Reserve Bank of Philadelphia is scheduled to release its report on regional manufacturing in the month of November next Thursday.
