United States NY Empire State Manufacturing Index

The NY Empire State Manufacturing Index in the US dropped to -3.9 in December, from a one-year high of 18.7 in November, and worse than forecasts of 10, signaling a return to contraction after two months of expansion. New orders held steady while shipments fell modestly, down 23 points to -5.7. The inventories index came in at 4.0, pointing to a small increase in inventories. Delivery times shortened, unfilled orders decreased, and supply availability worsened. Employment increased modestly and the average workweek edged up. The pace of both input price increases and selling price increases moderated but remained elevated. The prices paid index dropped 11 points to 37.6, its lowest level since January; and the prices received index dropped 4 points to 19.8. Capital spending plans increased somewhat. The index for future business conditions rose 17 points to a near one-year high of 35.7, suggesting firms have become more optimistic that conditions will improve over the next six months.