Last updated: December 15, 2023 at 8:35 a.m. ET
First Published: December 15, 2023 at 8:31am ET
Reflecting continued weakness in the U.S. economy’s manufacturing sector, the New York area business survey fell to -14.5 in December, the lowest level in four months.
The New York Fed’s Empire State Index fell 24 points from 9.1 last month.
One source said economists had expected the number to be 4.
numbers Reflecting the continued weakness in the manufacturing sector of the US economy, the business conditions survey in the New York area fell to -14.5 in December, the lowest level in four months.
The New York Fed’s Empire State Index fell 24 points from 9.1 last month.
Economists polled by the Wall Street Journal had expected a figure of 4. A reading below zero indicates a worsening condition.
key details The closely watched new orders index fell 6 points to -11.3, marking the third consecutive month of decline. Shipments also decreased.
Expectations for the next six months rose 13 points to 12.1, but it’s still a relatively low number, suggesting companies don’t expect much improvement anytime soon.
Big picture: The Empire State Index has been unusually volatile lately, but the underlying picture it paints is one of tougher times for manufacturing.
Consumers and business customers aren’t buying as many products because of high interest rates and an expected economic slowdown. These conditions are unlikely to change in the near future until interest rates fall further.
Market reaction: DJIA SPX stock was expected to open higher on Friday.