NY Fed: Empire State Manufacturing Index falls to 10.9 in December vs 20 expected

"Business activity grew at a slower pace than in recent months in New York State, according to firms responding to the December 2018 Empire State Manufacturing Survey," the Federal Reserve Bank of New York announced on Monday. "The headline general business conditions index fell twelve points to 10.9."

Key takeaways from the press release

• New orders increased modestly, while shipments continued to climb significantly.
• The employment index rose twelve points to 26.1, indicating that employment grew strongly, and hours worked increased modestly.
• The prices paid index, while still elevated, moved down five points, and the prices received index held steady.
• Looking ahead, firms remained fairly optimistic about the six-month outlook, though optimism was slightly more tempered than in November.