by Calculated Risk on 1/15/2019 08:38:00 AM

From the NY Fed: Empire State Manufacturing Survey

Business activity grew slightly in New York State, according to firms responding to the January 2019 Empire State Manufacturing Survey. The headline general business conditions index fell eight points to 3.9, its lowest level in well over a year. New orders increased at a slower pace than in recent months, while shipments continued to climb significantly.
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The index for number of employees fell ten points but remained positive at 7.4, indicating a modest increase in employment levels, while the average workweek index held steady at 6.8.
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Firms were less optimistic about the six-month outlook than in recent months. The index for future business conditions fell thirteen points to 17.8, and the indexes for future new orders and shipments also declined.
emphasis added

This was well below the consensus forecast, and the weakest reading since May 2017.