New York, NY, January 18--Activity in the New York state manufacturing sector fell in early January, but conditions remain favorable, a survey said on Tuesday.
The Federal Reserve Bank of New York said the general business conditions index of its Empire Manufacturing Survey slipped to 20.1 in January from a downwardly revised 27.1 in December, well below a consensus forecast of 27.0.
"Indicators continued their positive showing in January, but they returned to the levels reached in months prior to a jump in December," the New York Fed said.
Most of the survey's component indices fell in January versus December. The new order index fell to 21.0 from early December's 36.1, and the labor index fell to 12.7 from prior month's 15.7.
The inventories index dropped below zero for the first time in more than a year to
-10.92.
