Survey: New York manufacturers grows at slightly slower pace

Factories in New York State grew more slowly this month as shipments rose and new orders slipped.

Posted: Dec. 15, 2017 10:00 AM

WASHINGTON (AP) - Factories in New York State grew more slowly this month as shipments rose and new orders slipped.

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The Federal Reserve Bank of New York said Friday that its Empire State Manufacturing index declined to 18 in December from 19.4 last month. The index is down from a three-year high of 30.2 last month. Still, any reading over zero signals growth. The index is watched closely by economists because it provides a first look at the health of U.S. manufacturing each month.

A measure of shipments increased at a faster pace in December, while a gauge of new orders rose at a slightly slower pace. Hiring slipped but remained positive.

U.S. factories are benefiting from solid global growth and a cheaper dollar, which makes U.S. goods less expensive overseas.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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