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- Growth of manufacturing activity in the New York region decelerates further in December
Growth of manufacturing activity in the New York region decelerates further in December
The report from
the New York Federal Reserve showed on Tuesday that manufacturing activity in
the New York region grew slightly in early December.
According to
the survey, NY Fed Empire State manufacturing index fell from 6.3 in November
to 4.9 in December, pointing to a very little growth in activity. This was the
lowest reading since August.
Economists had
expected the index to come in at 6.9.
Anything below
zero signals contraction.
According to
the report, the new orders index edged down 0.3 point to 3.4, indicating a
slight advance in orders, and the shipments index jumped 5.8 points to 12.1,
pointing to a relatively substantial increase in shipments. The employment
index rose 4.8 points to 14.2, its highest level in over a year, pointing to ongoing
significant gains in employment. Delivery times (4.3) were somewhat longer, and
inventories (-4.3) edged lower. On the price front, the prices paid index rose
8 points to 37.1, its highest level in two years, indicating a pickup in input
price gains, while the prices received index held steady at 10.0, pointing to
ongoing modest selling price increases.
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