The Empire State Manufacturing Survey showed activity slipping in December, with the General Business Conditions index falling from 18.7 to -3.9, marking a sharp pullback after November’s surge.

• General Business Conditions dropped -22.6 pts MoM to -3.9, turning negative after reaching a one-year high in November, indicating slightly weaker overall activity.

• New Orders held steady, with the index easing -15.9 pts to 0.0, as roughly equal shares of firms reported increases and decreases in demand.

• Shipments declined modestly, with the index falling -22.5 pts to -5.7, pointing to softer output following recent gains.

• Inventories increased slightly, with the index at 4.0, suggesting continued stock accumulation despite slower shipments.

• Delivery Times quickened, with the index at -5.9, and Unfilled Orders fell to -14.9, the lowest since January 2024, indicating faster fulfillment and fewer backlogs.

• Prices Paid fell -11.4 pts to 37.6 and Prices Received declined -4.2 pts to 19.8, showing moderating but still elevated input and selling price pressures.

• Employment edged higher, with the Number of Employees index rising to 7.3, while the Average Workweek eased to 3.5, signaling modest job growth with slightly shorter hours.

• The Future General Business Conditions index rose +17 pts to 35.7, its highest since January, indicating increased optimism for improvement over the next six months.