New York Manufacturing Index Pulls Back More Than Expected In December
(RTTNews) - After reporting a sharp increase by its reading on regional manufacturing activity in the previous month, the Federal Reserve Bank of New York released a report on Monday showing a sharp pullback by the index in the month of December.
The New York Fed said its general business conditions index plummeted to 0.2 in December after spiking to 31.2 in November, although a positive reading still indicates growth. Economists had expected the index to tumble to 12.0.
The steeper than expected drop by the general business conditions index came after it reached its highest level since December 2021 in the previous month.
The plunge by the headline index came amid significant decreases by the new orders and shipments indexes, which fell sharply but remained positive.
The new orders index tumbled to 6.1 in December from 28.0 in November, while the shipments index dove to 9.4 in November from 32.5 in November.
The report also showed a downturn by employment, as the number of employees index slumped to a negative 5.8 in December from a positive 0.9 percent in November.
The New York Fed said the prices paid index also fell to 21.1 in December from 27.8 in November, while the prices received index slid to 4.2 in December from 12.4 in November.
Looking ahead, the New York Fed said firms remained fairly optimistic conditions would continue to improve in the months ahead, but the index for future business activity slid to 24.6 in December from 33.2 in November.
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