Federal Reserve Bank of New York (12/15/15)
According to the Federal Reserve Bank of New York, the general business conditions index was at -4.6 in December, six points above its November level, indicating that the pace of decline moderated somewhat. Business activity declined for a fifth consecutive month for New York manufacturing firms in December. However, nearly 25% of respondents reported that conditions had improved over the month, while 29% reported that conditions had worsened. Although the new orders index remained negative at -5.1, suggesting that orders continued to fall, the shipments index rose almost 10 points to 5.5, marking the first increase in shipments since the summer.
Labor market conditions deteriorated noticeably. The index for number of employees, negative for a fourth consecutive month, fell nine points to -16.2, and the average workweek index plunged 13 points to -27.3, its lowest level since early 2009.
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