12:15 PM EST, 12/16/2024 (MT Newswires) -- New York manufacturing activity declined more than projected in December as orders and shipments tumbled, the Federal Reserve Bank of New York said Monday.

The Empire State Manufacturing Survey's general business conditions index fell to 0.2 this month from 31.2 in November. The consensus was for a month-to-month drop to 10, according to a survey compiled by Bloomberg.

"On the heels of a strong November, manufacturing activity held steady in New York State in December," New York Fed Economic Research Adviser Richard Deitz said. "The pace of price increases moderated, and employment declined modestly."

New orders slid 21.9 points to 6.1, according to the Fed branch. Shipments declined to 9.4 from 32.5 in November. The component measuring number of employees slipped into contraction territory at minus 5.8 in December versus growth of 0.9 the previous month, the survey showed.

The raw material cost index decreased to 21.1 from 27.8, while the selling prices measure moved down to 4.2 from 12.4, according to the report.

Six months out, the index for general business conditions deteriorated 8.6 points to 24.6 this month, the New York Fed said. The future new orders index fell 9.6 points to 21.8, while the shipments gauge improved by 1.5 points to 29.4, according to the survey.

The outlook for employment growth retreated to 13.8 from 23.9.