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Activity in the New York manufacturing sector unexpectedly grew at a slower pace in the month of January, the Federal Reserve Bank of New York revealed in a report released on Friday.The New York Fed said its general business conditions index slipped to 3.5 in January from 4.9 in December, although a positive reading still indicates growth in regional manufacturing activity. Economist had expected the index to inch up to 6.0.The unexpected drop by the headline index came as the shipments index slid to 7.3 in January from 12.1 in December and the number of employees index fell to 11.2 from 14.2.On the other hand, the new orders index rose to 6.6 in January from 3.4 in December, indicating modestly faster growth.The report said the prices paid index also climbed to 45.5 in January from 37.1 in December, while the prices received index increased to 15.2 from 10.0.Looking ahead, the New York Fed said firms remained optimistic that conditions would improve over the next six months, although the index for future business conditions dropped to 31.9 in January from 36.3 in December."Manufacturing is slated to stay solid in 2021, but growth will likely moderate in the coming months as vaccines quell goods demand and consumer spending tilts back more towards services," said Oren Klachkin, Lead U.S. Economist at Oxford Economics.Next Thursday, the Philadelphia Federal Reserve is scheduled to release its report on regional manufacturing activity. The Philly Fed Index is expected to inch up to 12.6 in January from 11.1 in December.The material has been provided by InstaForex Company - www.instaforex.com
A report released by the Labor Department on Friday showed U.S. producer prices increased by slightly less than expected in the month of December.The Labor Department said its producer price index for final demand rose by 0.3 percent in December after inching up by 0.1 percent in November. Economists had expected producer prices to rise by 0.4 percent.The increase in producer prices largely reflected a spike in energy prices, which surged up by 5.5 percent in December after jumping by 1.2 percent in November.Meanwhile, the report said food prices edged down by 0.1 percent in December after climbing by 0.5 percent in the previous month.Excluding food and energy prices, core producer prices crept up by 0.1 percent in December, matching the uptick seen in the previous month. Core prices were expected to rise by 0.2 percent.The modest increase in core prices came as prices for goods excluding food and energy rose by 0.5 percent, more than offsetting a 0.1 percent dip in prices for services.Prices for trade services slid by 0.8 percent, while prices for transportation and warehousing services edged down by 0.1 percent and prices for other services crept up by 0.2 percent.Compare to the same month a year ago, producer prices in December were up by 0.8 percent, unchanged from November. The annual rate of growth in core prices slowed to 1.2 percent from 1.4 percent."While some sectors have seen prices start to heat up, broader inflation measures continue to fall short of the Fed's 2% goalpost as the economy entered the new year in a slump," said Mahir Rasheed, Associate Economist at Oxford Economics.The Labor Department released a separate report on Wednesday showing consumer prices increased in line with economist estimates in the month of December.The report said the consumer price index rose by 0.4 percent in December after edging up by 0.2 percent in November. The price growth matched expectations.The Labor Department said the advance by the consumer price index was driven by an 8.4 percent jump in gasoline prices, which accounted for more than 60 percent of the overall increase.Excluding food and energy prices, the core consumer price index inched up by 0.1 percent in December after rising by 0.2 percent in November. The uptick in core prices also matched economist estimates.The report said consumer prices in December were up by 1.4 percent compared to the same month a year ago, reflecting an acceleration from the 1.2 percent growth seen in November.The annual rate of growth by core consumer prices in December was unchanged from the previous month at 1.6 percent.The material has been provided by InstaForex Company - www.instaforex.com
Retail sales in the U.S. continued to decline in the month of December, according to a report released by the Commerce Department on Friday.The Commerce Department said retail sales fell by 0.7 percent in December after tumbling by a revised 1.4 percent in November. Economists had expected retail sales to come in unchanged compared to the 1.1 percent slump originally reported for the previous month."The further slump in retail sales in December confirms that the continued surge in coronavirus infections is now weighing heavily on the economy," said Andrew Hunter, Senior U.S. Economist at Capital Economics. He added, "Despite the building optimism over fiscal stimulus, the next few months are still likely to be difficult."The continued decrease in retail sales reflected steep drops in sales by non-store retailers, electronics and appliance stores, food service and drinking places and department stores.On the other hand, sales by gas stations spiked by 6.6 percent amid an increase in prices, while sales by motor vehicle and parts dealers jumped by 1.9 percent.Excluding sales by motor vehicle and parts dealers, retail sales plunged by 1.4 percent in December after slumping by 1.3 percent in November.Ex-auto sales were expected to edge down by 0.1 percent compared to the 0.9 percent decrease originally reported for the previous month.Closely watched core retail sales, which exclude automobiles, gasoline, building materials and food services, also plummeted by 1.9 percent in December after tumbling by 1.1 percent in November.The material has been provided by InstaForex Company - www.instaforex.com
Activity in the New York manufacturing sector unexpectedly grew at a slower pace in the month of January, the Federal Reserve Bank of New York revealed in a report released on Friday.The New York Fed said its general business conditions index slipped to 3.5 in January from 4.9 in December, although a positive reading still indicates growth in regional manufacturing activity. Economist had expected the index to inch up to 6.0.Looking ahead, the New York Fed said firms remained optimistic that conditions would improve over the next six months.The material has been provided by InstaForex Company - www.instaforex.com
A report released by the Labor Department on Friday showed U.S. producer prices increased by slightly less than expected in the month of December.The Labor Department said its producer price index for final demand rose by 0.3 percent in December after inching up by 0.1 percent in November. Economists had expected producer prices to rise by 0.4 percent.Excluding food and energy prices, core producer prices crept up by 0.1 percent in December, matching the uptick seen in the previous month. Core prices were expected to edge up by 0.2 percent.The material has been provided by InstaForex Company - www.instaforex.com
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