Fifth District manufacturing activity was little changed in January, with the composite index at -6 (Dec: -7), indicating continued mild contraction with slight monthly improvement.

• The composite manufacturing index edged up to -6 (Dec: -7; Nov: -15), showing a slower pace of contraction than in prior months.

• Shipments rose to -5 (Dec: -11), reflecting a notable easing in the decline in outbound manufacturing activity.

• New orders improved slightly to -6 (Dec: -8), pointing to somewhat firmer demand conditions than in December.

• Employment fell to -6 (Dec: -1), indicating more firms reported declining payrolls compared with last month.

• Local business conditions held near recent levels at -8 (Dec: -9), suggesting little change in assessments of current conditions.

• Expectations for shipments increased to 34 (Dec: 28) and new orders rose to 36 (Dec: 27), signaling stronger outlooks for activity in the months ahead.

• The future local business conditions index improved to 19 (Dec: 16), while future employment slipped to 2 (Dec: 8), showing firmer sentiment on activity but softer hiring expectations.

• Prices paid growth increased slightly in January while prices received growth decreased somewhat, indicating a modest widening between input and output price trends.