
New York Manufacturing Shows Weakening In December
The ESMI is a diffusion index measuring the degree to which manufacturing activity expands or contracts. A reading above zero indicates expansion, while below zero signifies contraction. December’s survey showed a retreat in new orders and shipments indexes, although they remained positive at 6.1 and 9.4, respectively. Labor market conditions worsened, however, as the index for the number of employees moved down to -5.8, and the average workweek index fell to -3.9. Notably, the index for future business activity fell nine points to 24.6, with 42 percent of respondents expecting conditions to improve over the next six months.
The ESMI is a reliable proxy for the broader U.S. manufacturing industry conducted by the Federal Reserve Bank of New York and is sent on the first of each month. Respondents reported the change in each indicator from the previous month and their likely direction in six months.
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