Growth in New York State manufacturing sector slowed in November on weaker new orders and inventory activity, and a spike in material costs, New York Federal Reserve said on Thursday.
The New York Fed's Empire State general business conditions index slipped to 27.37 from last month's 28.75. Economists polled by Reuters had expected a November reading of 20.00.
The index on new orders slipped to 24.49 in November from 24.97 in October, and the inventories component sank to minus 1.20 in November from plus 3.49 in October.
Morewhile the prices paid component jumped to 42.86, its highest since 44.26 in August 2006, compared with 36.05 in October.
The survey of New York manufacturing activity is one of the monthly snapshots on U.S. factory conditions.