The Empire State Manufacturing Survey “indicates that conditions for New York manufacturers improved little in January,” the Federal Reserve Bank of New York today reported yesterday.
The general business conditions index dipped to 9.0 in January from 9.8 in December, the Fed reported. Economists surveyed by IFR Markets had expected the index would be 9.75.
The new orders index declined to zero from 13.2, while the shipments index slid to 15.8 from 20.4. The prices paid index grew to 40.2 from 35.0, and the prices received index rose to 18.3 from 12.5. The number of employees index decreased to 2.4 from 5.0, while the average employee workweek index jumped to positive 4.9 from negative 7.5, the Fed reported.
Looking six months into the future, the general business conditions index fell to 19.4 from 34.7 last month. The prices paid index dipped to 54.9 from 55.0, while the prices received index fell to 26.8 from 37.5. The number of employees index slid to 19.0 from 26.0, the Fed reported.