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Report: Manufacturing growth slows.

Byline: Velvet Spicer

Business activity grew slightly in New York in January, although the Empire State Manufacturing Survey's general business conditions index fell 8 points.

At 3.9, the general business conditions index was at its lowest level in more than a year. New orders increased at a slower pace than in recent months, with 29.2 percent of manufacturing businesses reporting higher orders, compared with 34.7 percent in December.

Order shipments were flat in January, while higher inventories were reported by 15.2 percent of businesses, down from 30.1 percent in December. Some 41.4 percent of manufacturers reported higher prices in January, relatively stable from 41 percent in December. Higher prices received were reported by 20 percent of businesses this month, compared with 17.3 percent in December.

Staffing increased at a slower pace in January, with 15.4 percent reporting higher employee levels, down from 26.4 percent last month.

Optimism among manufacturers has waned, as firms were less optimistic about the six-month outlook than in recent months. The index for future business conditions fell 13 points to 17.8, and the indexes for future new orders and shipments also fell. / 585-653-4021

Follow Velvet Spicer on Twitter: @Velvet_Spicer

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Author:Spicer, Velvet
Publication:Rochester Business Journal
Article Type:Brief article
Geographic Code:1U2NY
Date:Jan 16, 2019
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