New York Manufacturing Index Unexpectedly Indicates Contraction In January
(RTTNews) - New York manufacturing activity unexpectedly declined in the month of January, according to a report released by the Federal Reserve Bank of New York on Wednesday.
The New York Fed said its general business conditions index tumbled to a negative 12.6 in January from a positive 2.1 in December, with a negative reading indicating contraction. Economists had expected the index to inch up to a positive 3.0.
The unexpected slump by the headline index partly reflected a notable downturn by new orders, as the new orders index plunged to a negative 8.6 in January from a positive 4.3 in December.
The shipments index also slid to a negative 1.7 in January from a positive 9.1 in December, although the number of employees index climbed to a positive 1.2 in January from a negative 6.6 in December.
The report also said both input and selling price increases picked up. The price paid index jumped to 29.1 in January from 21.1 in December, while the prices received index rose to 9.3 in January from 4.2 in December.
Meanwhile, the New York Fed said firms grew more optimistic conditions would improve in the months ahead, with the index for future business activity jumping to 36.7 in January from 26.9 in December.
The Federal Reserve Bank of Philadelphia is scheduled to release its report on regional manufacturing activity in the month of January on Thursday.
The Philly Fed's diffusion index for current general activity is expected to increase to a negative 5.0 in January from a negative 16.4 in December, although a negative reading would still indicate contraction.
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