NEW YORK, Nov 17 - Overall business conditions for New York State manufacturers improved for a second month in November to hit a record high, the Federal Reserve said on Monday. The Federal Reserve Bank of New York said its Empire State Manufacturing Survey index of business conditions leaped to an all-time high of 41.01 in November from an upwardly revised 34.11 in October. The survey provides an early snapshot of factory activity during the month and has at times served as a leading indicator for other regional manufacturing measures. But it has a short history and the correlation has not always held up. "Conditions for New York manufacturers improved substantially in November," the Fed said. "Respondents continued to be highly optimistic about future conditions." Of the Empire State survey's components, new orders climbed to 41.37 from 34.32 in October. Shipments hit 37.60 from 26.75, suggesting production may be ramped up in coming months.
The number of employees index edged down to 10.26 in November having jumped to 11.54 the month before, while the average workweek firmed to 12.39 from 11.68. Price pressures picked up slightly with the prices paid index rising to 9.40 from 7.69 in October, while prices received firmed to -4.27 from -10.58. The six-month business outlook indicated a high degree of optimism, the Fed said. The six-month business outlook rose to 67.00 from 65.68 in October and shipments climbed to its highest level in a year. Future new orders pulled back slightly to 60.74 from 63.58 but the number of employees index improved to 25.64 from 21.15.//