Growth in New York manufacturing activity slowed by more than anticipated in the month of December, according to a report released by the Federal Reserve Bank of New York on Friday.
The New York Fed said its general business conditions index dropped to 18.0 in December from 19.4 in November, although a positive reading still indicates growth in regional manufacturing activity. The index had been expected to dip to 18.6.
The bigger than expected decrease by the headline index was partly due to a slowdown in the pace of job growth, as the number of employees index slid to 5.1 in December from 11.5 in November.
The new orders index also edged down to 19.5 in December from 20.7 in November, while the shipments index climbed to 22.4 from 18.4.
On the inflation front, the prices paid index advanced to 29.7 in December from 24.6 in November and the prices received index rose to 11.6 from 9.2.
The New York Fed said firms remained optimistic about the six-month outlook, though to a somewhat lesser extent than in November.
The index for future business conditions dropped to 46.6 in December from a multi-year high of 49.9 in the previous month.
Next Thursday, the Philadelphia Federal Reserve is scheduled to release its report on regional manufacturing activity in the month of December.
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