Manufacturing activity contracted in New York in December, according to the Federal Reserve Bank of New York’s Empire State Manufacturing survey.
The general business conditions index fell sixteen points to -11.2.
Twenty-three percent of respondents reported that conditions had improved over the month and thirty-four percent reported that conditions had worsened.
The new orders index held steady at -3.6, pointing to another small decline in orders, while the shipments index slipped three points to 5.3, indicating a small increase in shipments.
The unfilled orders index moved down to -11.2. The delivery times index came in at 1.9, indicating that delivery times were little changed. After rising sharply last month, the inventories index retreated to 3.7.
The index for number of employees edged up to 14.0, marking another month of employment gains. The average workweek index, however, fell to -4.5, signaling a small decline in hours worked.
The prices paid index held steady at 50.5 and the prices received index remained similar to last month’s level at 25.2.
The index for future business conditions climbed twelve points, but remained subdued at 6.3, suggesting that firms expect little improvement over the next six months.
The indexes for future new orders and shipments climbed above zero, indicating that small increases are anticipated, and employment is expected to continue to increase. The capital spending index rose nine points to 23.4.
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