Earlier from the NY Fed: Empire State Manufacturing Survey: General Business Conditions Index Fell Eleven Points
Business activity continued to grow strongly in New York State, according to firms responding to the November 2017 Empire State Manufacturing Survey. Though the headline general business conditions index fell eleven points from the multiyear high it reached last month, it remained firmly in positive territory at 19.4. The new orders index climbed to 20.7 and the shipments index came in at 18.4—readings that pointed to ongoing solid gains in orders and shipments. Delivery times were slightly shorter than last month, and inventory levels edged higher. Labor market indicators reflected moderate employment gains and little change in hours worked. Both input prices and selling prices rose at a pace that was little changed from last month. Indexes assessing the six-month outlook suggested that firms were very optimistic about future business conditions.
emphasis added
Thursday:
• At 8:30 AM, The initial weekly unemployment claims report will be released. The consensus is for 235 thousand initial claims, down from 239 thousand the previous week.
• Also at 8:30 AM, the Philly Fed manufacturing survey for November. The consensus is for a reading of 25.0, down from 27.9.
• At 9:15 AM, The Fed will release Industrial Production and Capacity Utilization for October. The consensus is for a 0.5% increase in Industrial Production, and for Capacity Utilization to increase to 76.2%.
• At 10:00 AM, The November NAHB homebuilder survey. The consensus is for a reading of 67, down from 68 in October. Any number above 50 indicates that more builders view sales conditions as good than poor.