New York manufacturing activity retreats from highest since April

By Ovunc Kutlu

ISTANBUL (AA) - The New York Fed manufacturing index fell in December, retreating from its highest level since April, according to a report released on Friday.

The Empire State Manufacturing Index, which measures the level of general business conditions in the state of New York, fell a massive 24 points to -14.5 this month, according to the Federal Reserve Bank of New York.

The market expectation for the index was to come in at 2.0.

Readings above zero indicate improving conditions, while those below show worsening conditions.

"Unfilled orders continued to shrink significantly, and delivery times shortened at the fastest pace since well before the pandemic," the New York Fed said in a statement.

"Inventories moved lower. Employment declined modestly, and the average workweek edged down. The pace of input price increases moderated, while the pace of selling price increases held steady," it added.