The Empire State Manufacturing Survey showed "conditions for New York manufacturers continued to decline at a modest pace," the Federal Reserve Bank of New York reported Tuesday as the general business conditions index worsened to negative 7.78 in January from an upwardly revised negative 7.30 in December.
Economists surveyed by Thomson Reuters had expected the index would jump to zero.
The December number was originally reported as negative 8.10.
The new orders index fell to negative 7.18 from negative 3.70, while the shipments index decreased to negative 3.08 from positive 11.93, and unfilled orders slipped to negative 7.53 from negative 6.45, the Fed said.
The delivery time index remained at negative 2.15, while the inventories index increased to negative 8.60 from negative 11.83 in the prior survey. The prices paid index rose to 22.58 from 16.13, while the prices received index surged to 10.75 from 1.08. The number of employees index rose to negative 4.30 from negative 9.68, while the average employee workweek index narrowed to negative 5.38 from negative 10.75, the Fed reported.
Looking six months into the future, the general business conditions index increased to 22.41 from 17.95 last month. The new orders index grew to 25.11 from 17.19, while the shipments index rose to 23.86 from 22.46, and unfilled orders slipped to 1.08 from 3.23, the Fed said. The delivery time index held at zero, while the inventories index reversed to positive 1.08 from negative 3.23.
The prices paid index decreased to 38.71 from 51.61, while the prices received index fell to 21.51 from 25.81. The number of employees index fell to 7.53 from 10.75, while the average employee workweek index dropped to 3.23 from 5.38, the Fed reported. The capital expenditures expectations index fell to 4.30 from 12.90. The technology spending index grew to 5.38 from 4.30.