NY manufacturing grows faster than expected in Dec

NEW YORK, Dec 15 (BestGrowthStock) – A gauge of manufacturing in
New York State rebounded in December after falling sharply in
the prior month, led by growth in new orders and shipments, the
New York Federal Reserve said in a report on Wednesday.

The New York Fed’s “Empire State” general business
conditions index climbed 22 points to 10.57 in December from
-11.14 in November.

Economists polled by Reuters had expected a reading of 5.0
for December.

The new orders index rose to 2.60 in December from -24.38
last month, while shipments rebounded to 7.11 from -6.13.

But employment gauges showed deterioration. The index for
the number of employees fell to -3.41 in December, the lowest
in a year, from 9.09 in November. The average employee workweek
index slipped to -14.77 from -12.99.

The index of business conditions six months ahead dropped
to 48.86 in December from 54.55 in November.

The survey of manufacturing plants in the state is one of
the earliest monthly guideposts to U.S. factory conditions.
(Reporting by Wanfeng Zhou; Editing by Chizu Nomiyama)

NY manufacturing grows faster than expected in Dec