The Empire State Manufacturing Survey showed "business activity continued to grow at a solid clip in New York State," the Federal Reserve Bank of New York reported Tuesday, as the general business conditions index declined to 17.7 in January from 19.6 in December.

Economists surveyed by Thomson Reuters had expected the index would be 18.2.

The new orders index slid to 11.9 from 19.0, while the shipments index fell to 14.4 from 23.5, and unfilled orders reversed to positive 4.3 from negative 8.7, the Fed said.

The delivery time index dipped to 3.6 from 4.3, while the inventories index soared to 13.8 from 1.4 in the prior survey. The prices paid index climbed to 36.2 from 29.7, while the prices received index rose to 21.7 from 11.6. The number of employees index fell to 3.8 from 22.9, while the average employee workweek index declined to 0.8 from 9.3, the Fed reported.

Looking six months into the future, the general business conditions index gained to 48.6 from 46.3 last month. The new orders index increased to 47.6 from 42.7, while the shipments index grew to 46.3 from 43.2, and unfilled orders rose to 18.1 from 14.5, the Fed said. The delivery time index climbed to 10.9 from 6.5, while the inventories index increased to 20.3 from 5.8.

The prices paid index rose to 52.9 from 50.0, while the prices received index grew to 31.2 from 27.5. The number of employees index gained to 26.9 from 24.0 while the average employee workweek index jumped to 16.8 from 6.5, the Fed reported. The capital expenditures index increased to 34.8 from 34.1. The technology spending index climbed to 27.5 from 22.5.

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