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.
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