By Greg Robb
WASHINGTON (MarketWatch) -- After hitting a five year high in the previous month, manufacturing activity in the New York expanded at a slower pace in November, the New York Federal Reserve Bank said Monday. The bank's Empire State Manufacturing index fell to 23.5 in November from 34.6 in October. The indexes for new orders and shipments posted similar declines. The employment index also fell and remained barely positive. The index is of interest to investors and economists primarily because it's seen as an early indicator of what the Institute for Supply Management's October national factory survey due out in two weeks may show. In October, the ISM manufacturing index advanced 2.7 points to 55.7, the highest reading since April 2006.
