The Empire State Manufacturing Survey “indicates that conditions for New York manufacturers deteriorated significantly in December,” the Federal Reserve Bank of New York reported yesterday, as the general business conditions index declined to negative 25.76 in December from negative 25.43 in November.
Economists surveyed by Thomson Reuters had expected the index would be negative 27.50.
The new orders index narrowed to negative 20.78 from negative 22.21, the shipments index improved to negative 8.78 from negative 13.89, and unfilled orders widened to negative 27.66 from negative 24.10, the Fed said.
The delivery time index widened to negative 9.57 from negative 4.82, while the inventories index gained to negative 17.02 from negative 26.51 in the prior survey. The prices paid index fell to negative 7.45 from positive 20.48 and the prices received index slipped to negative 11.70 from positive 6.02. The number of employees index increased to negative 23.40 from negative 28.92, while the average employee workweek index fell to negative 26.60 from negative 25.30.
Looking six months into the future, the general business conditions index increased to 19.48 from 13.02 last month. The new orders index dipped to 17.74 from 19.25, while the shipments index jumped to 25.03 from 16.75, and unfilled orders improved to 5.34 from 1.13, the Fed said. The delivery time index reversed to negative 7.45 from positive 1.20 and the inventories index declined to negative 11.70 from negative 6.02 in the prior survey.
The prices paid index slumped to 3.19 from 25.30, while the prices received index decreased to 3.19 from 3.61. The number of employees index narrowed to negative 1.56 from negative 4.17 and the average employee workweek index improved to negative 1.06 from negative 6.02. The capital expenditures expectations index rose to negative 10.64 from negative 10.84. The technology spending index declined to negative 12.77 from negative 8.43.
