New York manufacturers expand more quickly in November as orders, shipments rise

Economic IndicatorsAssociated Press

Manufacturers in New York grew at a faster pace in November and their expectations for future growth rose to the highest level in nearly three years.

The Federal Reserve Bank of New York says its Empire State Manufacturing index rose to 10.2 in November from 6.2 the previous month. It reached a five-year high of 27.5 in September. Any figure above zero indicates growth.

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A measure of new orders increased to 9.1 after slipping into negative territory in October. A gauge of shipments also rose.

Looking ahead, an index measuring expectations for business conditions in six months rose to its highest level since January 2012.