Economy
December 16, 2013
New York Fed Manufacturing Report Disappointing
Written by Sandy Williams
The December Empire State Manufacturing Survey indicated disappointing manufacturing conditions for December. The survey by the Federal Reserve Bank of New York reported the general index at 1.0, up three points from November but indicating almost no change in activity for the month.
The new orders index rose slightly but stayed in negative territory at -3.5. The shipments index rose eight points to 7.7 percent. Backlogs declined significantly with the index for unfilled orders falling seven points to register -24.1, the lowest level since 2009. The inventory index plummeted 20 points to -21.7, indicating a sharp drop in inventories.
