The Empire State Manufacturing Survey showed "conditions for New York manufacturers leveled off in December, following four months of improvement" as the general business conditions index decreased to 2.55 from 23.51 in November the Federal Reserve Bank of New York reported yesterday.
Economists surveyed by Thomson Reuters had expected the index would be 24.50.
The new orders index fell to 2.20 from 16.66, while the shipments index slumped to 6.30 from 12.97.
The prices paid index increased to 19.74 from 10.53, while the prices received index slid to negative 9.21 from negative 2.63. The number of employees index dropped to negative 5.26 from positive 1.32, while the average employee workweek index reversed to negative 5.26 from positive 5.26, the Fed reported.
Looking six months into the future, the general business conditions index declined to 43.01 from 57.00 last month. The new orders index dropped to 39.36 from 52.44 and the shipments index slipped to 36.72 from 48.89.
The prices paid index dipped to 40.79 from 48.68 and the prices received index fell to 22.37 from 27.63. The number of employees index sank to 17.81 from 30.83, while the average employee workweek index climbed to 19.74 from 18.42, the Fed reported. The capital-expenditures expectations index increased to 30.26 from 21.05. The technology spending index decreased to 13.16 from 14.47.