New York Manufacturing Takes Sharp Turn for the Worse, Empire State Index Plunges in December
• The New York Fed's Empire State index fell to -14.5 in December, hitting a 4-month low and reflecting weakness in manufacturing
• The index fell 24 points from November's reading of 9.1, well below economists' forecast of 4
• The new orders sub-index dropped to -11.3, falling for the third straight month, and shipments also declined
• The future expectations index rose to 12.1 but remains relatively low, indicating businesses don't expect much near-term improvement
• The volatility in the index paints a picture of tougher times in manufacturing due to high interest rates and expected economic slowdown