Empire State Index Positive for 6th Month

NY FED -- The Empire State Manufacturing Survey indicates that conditions for New York manufacturers improved for the sixth consecutive month in January. The general business conditions index climbed 11 points, to 15.9 (see chart). The new orders and shipments indexes posted similar increases, and the unfilled orders index rose above zero. Both the prices paid index and the prices received index rose significantly, with the latter moving above zero for the first time in more than a year. Employment indexes advanced into positive territory. Future indexes were highly optimistic; activity and employment were widely expected to improve over the next six months; the future general business conditions index rose to 56.0, with 63 percent of respondents expecting conditions to improve (see chart). Prices, however, were expected to continue to climb in the months ahead.