WASHINGTON – Manufacturing activity in New York expanded at a slower pace this month, but remains at a healthy level.
The Federal Reserve Bank of New York, says the Empire State Manufacturing Survey slipped to 19.4 in November of a three-year high 30.2 last month. But a lecture on zero signals growth. New orders grew faster this month, although shipments and hiring expanded at a slower pace.
In the United States, factories are benefiting from a strengthening of the global economy and a weaker dollar, which makes AMERICAN products cheaper abroad.
The Institute for Supply Management, a trade group of purchasing managers, reported earlier this month that the U.S. manufacturing has expanded for 14 straight months.
The New York Fed report adds to the evidence that the U.S. economy is healthy. Growth clocked at a solid 3 percent annual pace from July through September on top of a 3.1 percent gain in the second quarter of the year. Unemployment has fallen to 4.1 percent, near a 17-year low.