The general-business conditions index of the Empire State Manufacturing Survey plunged 23 points to -3.9 in December.
This breaks a run of several strong months, as the index had climbed 8 points to 18.7 in November, its fourth positive reading in the past five months and highest in a year.
Based on firms responding to the survey, the December reading indicates business activity “declined slightly” in New York state, the Federal Reserve Bank of New York said in its Monday report.
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A negative reading on the index indicates a decline in the sector, while a positive index number points to expansion or growth in manufacturing activity.
The December survey found new orders held steady while shipments decreased modestly, the New York Fed said. Delivery times quickened, unfilled orders declined, and supply availability worsened.
Firms grew “increasingly optimistic” and expect conditions to improve in the months ahead.
The New York Fed distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York. On average, about 100 executives return responses.
