Empire State Index Falls Abruptly in January

The New York Fed's "Empire State" general factory conditions index for January fell sharply to 9.13 from 22.19 in December and its lowest since mid-2005, according to New York Federal Reserve. Economists polled by Reuters had expected a January reading of 20.00.
  • 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.

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