Tuesday, December 15, 2020

NY Fed: Manufacturing: Business activity "edged slightly higher" in New York State in December

by Calculated Risk on 12/15/2020 08:33:00 AM

From the NY Fed: Empire State Manufacturing Survey

Business activity edged slightly higher in New York State, according to firms responding to the December 2020 Empire State Manufacturing Survey. The headline general business conditions index was little changed at 4.9. New orders increased marginally, and shipments were modestly higher. Inventories continued to move lower, and delivery times edged up. Employment posted its strongest gain in months, and the average workweek lengthened somewhat. Input prices increased at the fastest pace in two years, while selling prices increased at about the same pace as last month. Looking ahead, firms remained optimistic that conditions would improve over the next six months.
The index for number of employees rose five points to 14.2, its highest level in over a year, pointing to ongoing significant gains in employment. The average workweek index was unchanged at 4.8, signaling a small increase in hours worked.
emphasis added
This was below expectations, and showed activity "edged slightly higher" in December.