Economy

Economic Data Roundup (01/16/2018)

1/16/18 12:00 PM

iStock-510954678.jpgManufacturing activity in the northeast region of the country cooled in January, according to a new report from the Federal Reserve Bank of New York (FRBNY). Specifically, the general business conditions index fell from December’s upward-revised 19.6 print to 17.7, worse than expected and the weakest headline reading since July.

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Under the hood, profit margins improved slightly, but measures of new orders, shipments, total employment, and hours worked all deteriorated in January. On the bright side, forward-looking (six months ahead) activity gauges generally improved, including an increase in the number of surveyed manufacturers citing plans to boost capital expenditures and technology investment. This might be a side-effect of the tax package recently passed in Congress, which could be confirmed by the other regional manufacturing reports released later this month.

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Sources: Econoday, FRBNY

Post author: Charles Couch