NY Fed manufacturing index for December -3.9 versus 10.0 estimate.

The NY Fed manufacturing index for December came in at -3.9, significantly below the expected 10.0. The prior month was at 18.7. Key components reflected a notable decline, with new orders dropping sharply to 0.0 from 15.9 and shipments falling to -5.7 from 16.8, signaling a clear slowdown in demand and activity. Employment showed slight improvement to 7.3 from 6.6, but the average workweek declined to 3.5 from 7.7, indicating limited labor demand. Price pressures eased considerably, with prices paid decreasing to 37.6 from 49.0 and prices received dropping to 19.8 from 24.0. The report underscores cooling activity and easing inflation pressures overall, with improvements mostly confined to employment and supply conditions. Forward-looking indicators suggest increased optimism, with general business conditions rising to 35.7 from 19.1 and new orders increasing to 38.0 from 23.3, hinting at expectations for stronger demand ahead.