·
The Empire State Manufacturing Survey reported that the index of general
business conditions improved in December and was positive for a second
month. Modest deterioration had been expected by some forecasts.
· Diffusion indexes for new orders, shipments and the length of the average employee workweek improved sharply. The index of prices paid fell for the second month.
· The survey includes measures of business expectations, six months ahead. The diffusion index for general business conditions fell to the lowest level since January. Expectations for orders and shipments fell sharply.
· The Empire State Manufacturing Survey is a monthly survey of manufacturers in New York State conducted by the Federal Reserve Bank of New York. Participants from across the state in a variety of industries respond to a questionnaire and report the change in a variety of indicators from the previous month. Respondents also state the likely direction of these same indicators six months ahead. April 2002 is the first report, although survey data date back to July 2001.
· Like the Philadelphia Fed Index of General Business Conditions, the Empire State Business Conditions Index reflects answers to an independent survey question, not the components.
· For the latest Empire State Manufacturing Survey report, click here
·
The National Association of Home Builders
index of new home sales rose for December although the strong reading
for November was revised slightly lower. The latest rise was to the
highest level since November 2000.