The December 2015 Empire State Manufacturing Survey indicates that business activity declined for a fifth consecutive month for New York manufacturers. However, the pace of decline slowed somewhat: the headline general business conditions index, though still negative, moved up six points to -4.6. New orders continued to drop, but shipments increased for the first time since the summer. Price indexes suggested that input prices increased slightly, while selling prices remained slightly lower. Labor market conditions deteriorated noticeably, with survey indicators pointing to a sharp decline in both employment levels and hours worked. Nonetheless, indexes for the six-month outlook increased markedly, suggesting more widespread optimism about future business conditions.
Economists surveyed by Thomson Reuters had expected the index would be negative 6.0.
