Survey: New York Factories Grow At Slower Pace In November

WASHINGTON (AP) — Manufacturing activity in New York expanded at a slower pace this month but remains at a healthy level.

The Federal Reserve Bank of New York says its Empire State Manufacturing Survey slid to 19.4 in November from a three-year high 30.2 last month. But any reading over zero signals growth. New orders grew faster this month, but shipments and hiring expanded at a slower pace.

Across the United States, factories are benefiting from a strengthening global economy and from a weaker dollar, which makes U.S. products cheaper in foreign markets.

The New York Fed's report adds to evidence that the U.S. economy is healthy. Growth clocked in at a solid 3 percent annual pace from July through September. Unemployment has dropped to 4.1 percent, close to a 17-year low.