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New York Fed Empire State Survey Rises to 23.2 In November

Kitco News

(Kitco News) - The New York region’s manufacturing sector is seeing strong momentum according to the latest data from the New York Federal Reserve.

Thursday the Empire State manufacturing survey’s general business conditions index rose to 23.3 this month, up from October’s reading of 21.1 from 22.6.

Consensus expectations compiled by various news organizations had been for a reading of around 20. The report was released at the same time as a stronger-than-forecast rise in U.S. retail sales.

“Business activity continued to grow at a solid clip in New York State, according to firms responding to the November,” the report said. “Looking ahead, firms remained fairly optimistic about the six-month outlook.”

Solid U.S. economic data is having little impact on gold prices as the market continue to hold its ground abovel critical psychological support at $1,200. December gold futures last traded at $1,212 an ounce, up 0.16% on the day.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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