NY manufacturing activity continues to decline

Manufacturing conditions in New York State declined in January for the sixth consecutive month, according to the Empire State Manufacturing Survey, a report of state manufacturing activity compiled by the Federal Reserve Bank of New York.

The general business conditions index for January fell to negative 7.8, a slight drop from December's reading of negative 7.3. A reading below zero indicates that business activity is contracting.

Economists polled by Bloomberg had expected a negative 0.2 reading for the index. Many had expected manufacturing conditions to strengthen after superstorm Sandy battered the region in late October.

The manufacturing survey for New York serves as an early indicator on overall U.S. manufacturing conditions for the month.