NY Fed: Empire State Manufacturing Activity declines in November

From the NY Fed: Empire State Manufacturing Survey

The November 2013 Empire State Manufacturing Survey indicates that manufacturing conditions weakened somewhat for New York manufacturers. The general business conditions index fell four points to -2.2, its first negative reading since May. The new orders index also entered negative territory, falling thirteen points to -5.5 ...

The prices received index fell to -4.0; the negative reading was a sign that selling prices had declined—their first retreat in two years. Labor market conditions were also weak, with the index for number of employees falling four points to 0.0, while the average workweek index dropped to -5.3. Despite the negative readings registered by many of the indexes for current activity, indexes for the six-month outlook continued to convey a strong degree of optimism about future business conditions. emphasis added

This is the first of the regional surveys for November.  The general business conditions index was below the consensus forecast of a reading of 5.5, and shows contraction for the first time since May.