Monday’s Empire State Manufacturing Survey showed minor slow-down in manufacturing growth in December so far.
The Empire State Manufacturing index, compiled using survey results from 200 manufacturers in New York, evaluates business conditions in the state. Any reading above 0.0 is indicative of improving conditions, while anything below indicates worsening conditions. The latest number was 10.9 and represents a drop of 12.4 over last month’s reading of 23.3.
The report opens with the following:
“Business activity grew at a slower pace than in recent months in New York State, according to firms responding to the December 2018 Empire State Manufacturing Survey. The headline general business conditions index fell twelve points to 10.9. New orders increased modestly, while shipments continued to climb significantly. Delivery times lengthened slightly, and inventories moved higher. The employment index rose twelve points to 26.1, indicating that employment grew strongly, and hours worked increased modestly. The prices paid index, while still elevated, moved down five points, and the prices received index held steady. Looking ahead, firms remained fairly optimistic about the six-month outlook, though optimism was slightly more tempered than in November.”
The survey showed weakness across all sectors new orders and shipments. Experts point to trade tensions with China and a weakening U.S. Dollar Index (DXY) as major contributing factors in the downturn this month.
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