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The numbers A survey of business conditions in the New York region sank to -14.5 in December and hit a four-month low, reflecting the ongoing weakness in the manufacturing side of the U.S. economy.
The New York Fed’s Empire State index retreated 24 points from 9.1 in the prior month.
Economists had expected a reading of 4, according to a survey by the Wall Street Journal. Any reading below zero indicates worsening conditions.
Key details The closely watched index for new orders fell 6 points to negative 11.3 and dropped for the third month in a row. Shipments also declined.
Expectations for six months ahead rose 13 points to 12.1, but it’s still a relatively low reading and suggests businesses don’t expect much improvement anytime soon.
Big picture: The Empire State index has been unusually volatile lately, but the underlying picture it paints is one of tougher times in manufacturing.
Consumers and business customers aren’t buying as many goods, in part because of high interest rates and an expected slowdown in the economy. These conditions are unlikely to change in the near future until interest rates decline further.
Market reaction: Stocks
DJIA
SPX
were set to open higher on Friday.
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