The November Empire State Index of General Business Conditions in New York's manufacturing industries recovered just 2.3 points of the 9.8 point October decline rising to 19.76, about as expected.

The new orders component fell to a four month low and the employment measure fell to the lowest level since March. Shipments, however, rose. Like the Philadelphia Fed Index of General Business Conditions, the Empire State Business Conditions Index reflects answers to an independent survey question; it is not a weighted combination of the components.

The prices paid index gave back nearly all of the strong 7.1 point gain in October.

Expectations for business conditions six months fell sharply to the lowest level since August.

The Empire State Manufacturing Survey is a monthly survey of manufacturers in New York State conducted by the Federal Reserve Bank of New York. Participants from across the state in a variety of industries respond to a questionnaire and report the change in a variety of indicators from the previous month. Respondents also state the likely direction of these same indicators six months ahead. April 2002 is the first report, although survey data date back to July 2001.

For more on the Empire State Manufacturing Survey, including methodologies and the latest report, click here.