Nov. Empire State index slightly positive (by Greg Robb)

WASHINGTON (MarketWatch) - The Empire State manufacturing index moved slightly into positive territory in November after five months in negative territory, the New York Federal Reserve Bank said Tuesday. The Empire state index rose to 0.6 in November from negative 8.5 in October. Readings above zero indicate expansion, with higher numbers of firms reporting that conditions had improved. Economists polled by MarketWatch expected the index to remain at negative 3.0 in November. Despite the improvement in the headline, underlying conditions were mixed. The new orders index fell to negative 2.1 in November from 0.2 in October, while the shipments index rose to 9.4 from 5.3. Inventories fell to negative 12.2 in November from negative 9.0 in the prior month. The employee index fell to negative 3.7 in November from 3.4 in the prior month while the average workweek was positive for the first time in six months. The prices paid index fell to its lowest level in nearly two years. A reading of expected conditions six-months ahead strengthened in November to its highest reading since May.