12:17 PM EST, 11/15/2024 (MT Newswires) -- New York manufacturing activity rebounded in November to its highest reading in nearly three years as orders and shipments swung into positive territory, the Federal Reserve Bank of New York said Friday.

The Empire State Manufacturing Survey's general business conditions index jumped to 31.2, its highest level since December 2021, from minus 11.9 in October. The consensus was for a flat reading in a survey compiled by Bloomberg.

"Manufacturing activity grew strongly in New York State in November, with firms reporting sharp increases in new orders and shipments," New York Fed Economic Research Adviser Richard Deitz said. "Price increases remained steady and modest while firms remained optimistic about future conditions."

New orders climbed 38.2 points to 28, according to the Fed branch. Shipments climbed to 32.5 from minus 2.7 in October. The component measuring number of employees declined 3.2 points to 0.9, reflecting stable labor market conditions, the survey showed.

The raw material cost index dipped to 27.8 in November from 29 last month, while the selling prices measure grew to 12.4 from 10.8, according to the report.

Six months out, the index for general business conditions deteriorated 5.5 points to a "still-high" reading of 33.2 this month, the New York Fed said. The future new orders index dipped 7 points to 31.4, while the shipments gauge dropped by 9.7 points to 27.9, according to the survey.

The outlook for employment growth rose to 23.9 from 19.5.