USA: Empire State manufacturing index exceeded estimates

Manufacturing activity in New York remained strong in December, disproving analysts’ estimates that it was expected to slow significantly.

In particular, the Empire State Manufacturing Index strengthened to 31.9 points in December from 30.9 points last month, the New York Fed announced today. Analysts’ average estimates in a Wall Street Journal poll put the index at 25 points.

Measurements above zero show that conditions in the industry are improving.

The data showed that supply chain problems have begun to decline, with the index for delivery deadlines falling 9.1 points to 23.1, although the index for unfulfilled orders climbed 6.3 points to 19 in December.

Price indices also fell, although they remained close to their all-time highs, while the employment index fell 4.6 points to 21.4.