Fed survey: modest manufacturing declines in November

A new survey by the Federal Reserve Bank of New York showed overall manufacturing activity slowed slightly in November as Hurricane Sandy impacted manufacturers across the metropolitan New York area.

The general business conditions index was little changed from October at negative 5.2, which according to the monthly Empire State Manufacturing Survey suggests activity among New York-area manufacturers continued to decline at a modest pace.

The survey, which covers all of New York state plus northern New Jersey and Fairfield County in Connecticut, showed a small increase in orders and a noticeable increase in shipments in November.

The new orders index was 3.1, rising above zero for the first time since June, and the shipments index rose 21 points to 14.6, its highest level since May.

Among firms based in upstate New York, only 21 percent of those surveyed reported any interruptions due to Hurricane Sandy. However, 100 percent of the firms surveyed that are located in the New York City area reported some reduction in activity due to the storm.