Manufacturing activity in the New York area declined sharply in January, the New York Federal Reserve Bank said Tuesday. The bank's Empire State Manufacturing index fell to 9.1 in January from a revised 22.2 in December. This is the lowest level since the summer of 2005. The drop was much greater than expected. Economists were expecting the index to slip to 20.0 from the initial estimate of 23.1 in December. The indexes for new orders, shipments and employment also fell sharply. The inventories index dropped to its lowest level in well over a year.
From the survey; trend of a particular indicator:
New Orders: Down
General Business Conditions: Down
Shipments: Down
Prices Paid: Up
Number of Employees: Down
Average Workweek: Down
Expectations in six months and the trend of a particular indicator:
General Business Conditions: Down
New Orders: Down
Shipments: Down
Short version? This report stinks.
