Tuesday, January 15, 2013

Empire State manufacturing index declines to minus 7.8

Investing.com - The New York Federal Reserve’s index of manufacturing conditions deteriorated unexpectedly in January, remaining in contraction territory for the sixth consecutive month, official data showed on Tuesday.

In a report, the Federal Reserve Bank of New York said that its general business conditions index declined to minus 7.8 in January from a reading of minus 7.3 in December.  

Analysts had expected the index to improve to 2.0 in January.

On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.

The new orders index fell four points to -7.2, and the shipments index declined a full fifteen points to -3.1.


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