Manufacturing activity in the New York State worsened in November with the corresponding index going into negative territory for the first time since mid-2009.
The index showing general business conditions in New York State plunged to -11.1 points in November, down 27 points from October, the Empire State Manufacturing Survey from the Federal Reserve Bank of New York said on Monday.
Besides, the index for new orders fell 37 points to -24.4 points, while shipments index dropped 26 points to -6.1 points in November. Nearly 40 percent of the survey respondents witnessed a drop in new orders.
Further, manufacturers in the State also faced selling price pressures with the related index slipping into the negative zone, down 11 points to -2.6 points.
Employment levels in the State remained modestly higher in November despite the corresponding index falling 13 points.
However, 60 percent of the manufacturers expect an improvement in business conditions in the next six months.