Business activity “grew slightly in New York State,” the January Empire State Manufacturing Survey, released Tuesday by the Federal Reserve Bank of New York, suggested.
The general business conditions index dropped to 3.9 in January, its lowest reading since May 2017, from 11.5 in December.
Economists surveyed by IFR Markets had expected the index would be 11.25.
The new orders index slipped to 3.5 from 13.4, while the shipments index increased to 20.3 from 17.9, and unfilled orders widened to negative 7.6 from negative 5.1, the Fed said.
The delivery time index declined to negative 2.1 from positive 3.2, while the inventories index fell to negative 7.6 from positive 7.1 in the prior survey. The prices paid index slid to 35.9 from 39.7, while the prices received index climbed to 13.1 from 12.8. The number of employees index dropped to 7.4 from 17.5, while the average employee workweek index crept to 6.8 from 6.7, the Fed reported.
Looking six months into the future, the general business conditions index declined to 17.8 from 30.6 last month. The new orders index fell to 19.5 from 34.8, while the shipments index decreased to 22.4 from 33.8, and unfilled orders dropped to zero from 3.8, the Fed said. The delivery time index fell to negative 0.7 from positive 4.5, while the inventories index decreased to 4.8 from 8.3.
The prices paid index fell to 47.6 from 51.9, while the prices received index rose to 28.3 from 27.6. The number of employees index dropped to 8.5 from 18.6, while the average employee workweek index plunged to 1.4 from 10.2, the Fed reported. The capital expenditures index declined to 17.9 from 31.2. The technology spending index fell to 20.0 from 26.1.
