(NYS) The Federal Reserve Bank of New York (FRB-NY) released its monthly report [pdf] about results from the Empire State Manufacturing Survey on November 15. Their analysis shows that overall manufacturing conditions in NYS have weakened – the current general index is in fact negative, where a negative reading indicates worsening business conditions.
The weakening of current general business conditions for NYS manufacturers is captured by many indexes of current conditions reported by the FRB-NY: new orders, shipments, number of employees, and average hours worked. Interestingly, there appears to be deflationary pressure within the industry, as the indexes for prices received and prices paid both fell, with the prices-received index dropping below zero for the first time in two years. This deflationary pressure is a further sign that continuing hysterics about inflation are misguided.
The November manufacturing report by the FRB-NY confirms generally analysis by WNY-WJ in previous content here. There is still little evidence to support claims about an ongoing resurgence in manufacturing.