All sectors of the US economy went through a big contraction during March and April, as major parts of the the country went into lock-downs. But it has bounced back nicely since the reopening in May and it has been keeping the pace throughout all sectors. Although, the Empire State manufacturing index showed that the activity declined in November in the New York area.    New York-area manufacturing survey November Empire Fed manufacturing +6.3 points vs +13.5 expected October Empire Fed manufacturing was +10.5 Details: new orders index 3.7 vs. 12.3 last month shipments 6.3 vs. 17.8 last month number of employees 9.4 vs. 7.2 last month average workweek 4.8 vs. 16.1 last month unfilled orders -11.9 vs. -6.6 last month prices paid 46.4 vs. 27.8 last month prices receives 23.2 vs. 5.3 last month inventories -8.6 vs. -14.6 last month six-month index 33.6 vs 32.8 This isn't a big red flag but this is the first manufacturing data point of the month and it shows some unexpected softness, particularly in orders. The worry would be that the pull-forward and pandemic sales are starting to fade but it's way too premature to worry about that.