The Empire State Manufacturing Survey showed "conditions were flat for New York manufacturers," the Federal Reserve Bank of New York reported Monday as the general business conditions index fell to positive 0.98 in December from negative 2.21 in November.
Economists surveyed by Thomson Reuters had expected the index would be 4.80.
The new orders index narrowed to negative 3.54 from negative 5.53, while the shipments index increased to positive 7.66 from negative 0.53, and unfilled orders widened to negative 24.10 from negative 17.11, the Fed said.
The delivery time index slipped to negative 9.64 from negative 3.95, while the inventories index dropped to negative 21.69 from negative 1.32 in the prior survey. The prices paid index slid to 15.66 from 17.11, while the prices received index reversed to positive 3.61 from negative 3.95. The number of employees index remained at zero, while the average employee workweek index slumped to negative 10.84 from negative 5.26, the Fed reported.
Looking six months into the future, the general business conditions index decreased to 35.72 from 37.51 last month. The new orders index fell to 26.36 from 40.27, while the shipments index slid to 31.97 from 37.80, and unfilled orders reversed to negative 2.41 from positive 1.32, the Fed said. The delivery time index improved to negative 1.20 from negative 6.58, while the inventories index decline to negative 4.82 from positive 6.58.
The prices paid index jumped to 48.19 from 42.11, while the prices received index soared to 27.71 from 17.11. The number of employees index fell to 9.64 from 22.37, while the average employee workweek index reversed to positive 1.20 from negative 3.95, the Fed reported. The capital expenditures expectations index slipped to 8.43 from 9.21. The technology spending index slid to 10.84 from 13.16.