Survey: New York factories grow at slower pace in November

Manufacturing activity in New York expanded at a slower pace this month but remains at a healthy level.

Posted: Nov. 15, 2017 11:16 AM

WASHINGTON (AP) - Manufacturing activity in New York expanded at a slower pace this month but remains at a healthy level.

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The Federal Reserve Bank of New York says its Empire State Manufacturing Survey slid to 19.4 in November from a three-year high 30.2 last month. But any reading over zero signals growth. New orders grew faster this month, but shipments and hiring expanded at a slower pace.

Across the United States, factories are benefiting from a strengthening global economy and from a weaker dollar, which makes U.S. products cheaper in foreign markets.

The New York Fed's report adds to evidence that the U.S. economy is healthy. Growth clocked in at a solid 3 percent annual pace from July through September. Unemployment has dropped to 4.1 percent, close to a 17-year low.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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