NY Empire State Manufacturing Index falls to 3.5 in January vs. 6 expected

The headline General Business Conditions Index of the NY Fed's Empire State Manufacturing Survey fell to 3.5 in January from 4.9 in December, the NY Fed's report revealed on Friday. This reading missed analysts' estimate of 6.

"The new orders index rose three points to 6.6, indicating a small increase in orders, and the shipments index fell to 7.3, pointing to a modest increase in shipments."

"The index for number of employees fell three points to 11.2, a level pointing to ongoing gains in employment."

"The index for future business conditions came in at 31.9, suggesting that firms remained optimistic about future conditions."