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- Growth of manufacturing activity in the New York region unexpectedly decelerates in January
Growth of manufacturing activity in the New York region unexpectedly decelerates in January
The report from
the New York Federal Reserve showed on Friday that manufacturing activity in
the New York region expanded marginally in early January.
According to
the survey, NY Fed Empire State manufacturing index fell from 4.9 in December to
3.5 in January, pointing to a very little growth in activity. This was the
lowest reading since June.
Economists had
expected the index to come in at 6.0.
Anything below
zero signals contraction.
According to
the report, the new orders index rose 3.2 points to 6.6, indicating a slight
advance in orders, and the shipments index fell 4.8 points to 7.3, pointing to
a modest rise in shipments. The employment index decreased 3.0 points to 11.2, pointing
to ongoing gains in employment. Delivery times were somewhat longer (5.5 in
January, up from 4.3 in December), and inventories held steady (-0.7, up from -4.3
in December). On the price front, the prices paid index jumped 8.4 points to 45.5,
its highest level in two years, indicating a pickup in input price gains, while
the prices received index increased 5.2 points to 15.2, its highest level in a
year, pointing to an acceleration in selling prices.
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