NY Manufacturing Grows Faster Than Expected

A gauge of manufacturing in New York State rebounded in December after falling sharply in the prior month, led by growth in new orders and shipments, the New York Federal Reserve said in a report on Wednesday.

The New York Fed's "Empire State" general business conditions index climbed 22 points to 10.57 in December from -11.14 in November.

Economists polled by Reuters had expected a reading of 5.0 for December.

The new orders index rose to 2.60 in December from -24.38 last month, while shipments rebounded to 7.11 from -6.13.

But employment gauges showed deterioration. The index for the number of employees fell to -3.41 in December, the lowest in a year, from 9.09 in November. The average employee workweek index slipped to -14.77 from -12.99.

The index of business conditions six months ahead dropped to 48.86 in December from 54.55 in November.

The survey of manufacturing plants in the state is one of the earliest monthly guideposts to U.S. factory conditions.