NY Fed: Empire State Manufacturing Index drops to lowest level in over a year at 3.9 in January

"Business activity grew slightly in New York State, according to firms responding to the January 2019 Empire State Manufacturing Survey," the Federal Reserve Bank of New York reported on Tuesday.

Key takeaways from the press release

• The general business conditions index fell eight points to 3.9, its lowest reading since mid-2017.
• The headline index has fallen a cumulative eighteen points since November.
• Twenty-three percent of respondents reported that conditions had improved over the month, while 20 percent reported that conditions had worsened.
• The new orders index fell ten points to 3.5, indicating that growth in orders slowed significantly, while the shipments index was little changed at 17.9.
• Unfilled orders were somewhat lower, inventories declined, and delivery times were slightly shorter.