US exports miss as New York business conditions take a hit
US export prices fell 0.5 per cent in October, following expectations of no increase and September's 0.3 per cent rise. Import prices fell 0.7 per cent, after expectations of a 0.2 per cent fall after September's 0.2 per cent increase.
Business conditions in the manufacturing sector have taken a tumble, according to the NY Empire State Manufacturing Index for November, which unexpectedly plunged to -2.1, after consensus of 4.00 and from October's 1.52. The index is based on a monthly survey of around 200 top manufacturing executives in New York.
The new orders index also went negative, falling thirteen points to -5.5. The shipments index moved below zero with a fourteen-point drop to -0.5 and the prices paid index fell five points to 17.1, indicating a slowing of input price rises.
Labour market conditions were also weak, with the index for number of employees decreasing four points to 0.0, while the average workweek index fell to -5.3.
(New York Fed)
Despite the decline, businesses' outlooks remain favourable, says the New York Fed, who publish the index.
Indexes for the six-month outlook generally conveyed strong optimism about future business prospects. The future general business conditions index fell three points, but remained at a respectably high level of 37.5. The future new orders index climbed three points to 40.3, its highest level in more than a year, and the future shipments index rose six points to 37.8.