Federal Reserve Bank of New York (12/15/14)

December business activity declined for New York manufacturers, according to the seasonally adjusted monthly Empire State Manufacturing Survey. The headline general business conditions index dropped 14 points to -3.6, its first negative reading in nearly two years. The new orders index also fell into negative territory, tumbling 11 points to -2.0, and the shipments index fell to -0.2. Labor market conditions were mixed, with the index for number of employees holding steady at 8.3, while the average workweek index declined to -11.5. Indexes for the six-month outlook continued to convey optimism, but to a somewhat lesser extent than in recent months.