New York Manufacturing Growth Slows in December

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.

Manufacturing firms surveyed by the Federal Reserve Bank of New York reported that business activity continued to expand in December, though growth was noticeably slower than in recent months. The general business conditions index fell twelve points to 10.9. The share of respondents reporting that conditions had improved over the month dropped to 30 percent, an 11 percentage point decline from November, while 19 percent of respondents reported that conditions had worsened. The new orders index slipped six points to 14.5, and the shipments index fell seven points to 21.0. Unfilled orders were somewhat lower, inventories climbed modestly, and delivery times were slightly longer.