The Empire State manufacturing index, a key metric to gauge business activity growth in New York State, sank to its lowest level in more than a year, indicating a further slowdown in U.S. manufacturing, the New York Federal Reserve said Tuesday.
The general business conditions index dived 8 points to 3.9 in January, down from the high reading of 18 points since November 2018, according to the latest monthly Empire State manufacturing survey conducted by the Federal Reserve Bank of New York.
Manufacturing firms in New York State responding to the survey reported that business activity expanded slightly over the month, with 23 percent of the respondents posting improving conditions, while 20 percent said that conditions had worsened.
Besides, new orders increased at a slower pace than in recent months, with the index of new orders falling 10 points to 3.5. In contrast, shipments continued to climb with the little-changed shipments index standing at 17.9 points.
More specifically, unfilled orders dropped slightly, inventories declined, and delivery times were slightly shorter, according to the survey, recording somewhat upbeat readings.
Yet, looking ahead, firms were less optimistic about the six-month outlook than they were last month, the survey said.
The index for future business conditions fell 13 points to 17.8, and the indexes for future new orders and shipments also declined.
The general business conditions index dived 8 points to 3.9 in January, down from the high reading of 18 points since November 2018, according to the latest monthly Empire State manufacturing survey conducted by the Federal Reserve Bank of New York.
Manufacturing firms in New York State responding to the survey reported that business activity expanded slightly over the month, with 23 percent of the respondents posting improving conditions, while 20 percent said that conditions had worsened.
Besides, new orders increased at a slower pace than in recent months, with the index of new orders falling 10 points to 3.5. In contrast, shipments continued to climb with the little-changed shipments index standing at 17.9 points.
More specifically, unfilled orders dropped slightly, inventories declined, and delivery times were slightly shorter, according to the survey, recording somewhat upbeat readings.
Yet, looking ahead, firms were less optimistic about the six-month outlook than they were last month, the survey said.
The index for future business conditions fell 13 points to 17.8, and the indexes for future new orders and shipments also declined.
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