The Empire State Manufacturing Survey showed "business activity declined for New York manufacturers at the fastest pace since the Great Recession," the Federal Reserve Bank of New York reported Friday, as the general business conditions index dropped to negative 19.37 in January from negative 6.21 in December.
Economists surveyed by Thomson Reuters had expected the index would be negative 4.0.
The new orders index slumped to negative 23.54 from negative 6.18, while the shipments index declined to negative 14.39 from positive 4.62, and unfilled orders narrowed to negative 11.00 from negative 16.16, the Fed said.
The delivery time index widened to negative 13.00 from negative 8.08, while the inventories index improved to negative 6.00 from negative 12.12 in the prior survey. The prices paid index rose to 16.00 from 4.04, while the prices received index reversed to positive 4.00 from negative 4.04. The number of employees index climbed to negative 13.00 from negative 16.16, while the average employee workweek index narrowed to negative 6.00 from negative 27.27, the Fed reported.
Looking six months into the future, the general business conditions index slipped to 9.51 from 35.65 last month. The new orders index fell to 12.18 from 25.37, while the shipments index dropped to 16.97 from 32.34, and unfilled orders decreased to 8.00 from 17.17, the Fed said. The delivery time index reversed to negative 5.00 from positive 8.08, while the inventories index climbed to positive 1.00 from negative 1.01.
The prices paid index rose to 31.00 from 27.27, while the prices received index decreased to 12.00 from 20.20. The number of employees index declined to 4.00 from 15.15, while the average employee workweek index gained to 11.00 from 10.10, the Fed reported. The capital expenditures expectations index fell to 15.00 from 16.16. The technology spending index inched down to 9.00 from 9.09.
