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New York manufacturing growth quickens more than expected

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New York manufacturing growth quickens more than expected

Growth in the New York State's manufacturing activity accelerated at a modest but better-than-expected pace in January as for new orders advanced, according to new survey data from the Federal Reserve Bank of New York.

The headline general business conditions index rose to 4.8 this month from 3.3 in December 2019, exceeding

" data-original-title="">the consensus estimate of economists polled by Econoday, which called for a reading of 3.6. The New York Fed reported that business conditions had picked up for 28% of respondents, while 23% said conditions had deteriorated.

The indicator for new orders climbed month over month to 6.6 from 1.7, while the measure for shipments fell to 8.6 from 9.5 in December 2019.

The index for unfilled orders rose to negative 2.7 from negative 13.8, while the index for delivery time climbed to negative 2.7 from negative 5.8. The inventories index dropped to negative 0.7 from 2.2.

Employment expanded for the fifth consecutive month, although the index for number of employees fell to 9.0 from 10.4. Meanwhile, the index for prices paid by businesses jumped to 31.5 from 15.2.

Manufacturers' business optimism about future conditions remained subdued, as the index assessing companies' outlook over the next six months slipped to 23.6 from 26.1.

The capital expenditures index fell to 25.3 from 26.1 and the indicator for technology spending dropped to 22.6 from 27.5.