The Empire State Manufacturing Survey “indicates that conditions for New York manufacturers continued to deteriorate in January,” the Federal Reserve Bank of New York reported yesterday, as the general business conditions index narrowed to negative 22.20 in January from negative 27.88 in December.
Economists surveyed by Thomson Reuters had expected the index would be negative 25.00.
The new orders index narrowed to negative 22.81 from negative 23.51, the Fed said. Looking six months into the future, the general business conditions index slumped to negative 3.95 from positive 18.06 last month.
