Empire State Index Falls Abruptly in January
- New orders component fell to 10.26 in January from 22.52 in December
- Prices paid component rose to 35.11 from 28.09 in December.
- Unfilled orders component firmed slightly to minus-8.51 in January from minus-14.61 in December.
Future general business conditions index fell 9 points to 32.5
Since the series' inception in 2001 there has been a 75% correlation between the index level and the three month change in U.S. factory sector industrial production.
The survey of manufacturing plants in the state is one of the earliest monthly guideposts to U.S. factory conditions.
Jan. Empire State index at lowest level since mid-'05 -
- NY Fed manufacturing index falls in Jan - Reuters
- New York State Manufacturing Slows More Than Forecast - Bloomberg
New York Factories Slow Abruptly - Smartmoney.com