Manufacturing activity in New York state shrank in December for the first time in nearly two years, pulled down by a drop in orders and shipments.
The Federal Reserve Bank of New York said Monday that its Empire State Manufacturing index dropped to negative-3.6 in December from 10.2 the previous month. Any figure below zero indicates contraction.
Factories in the state may be slowing after a rapid run-up in business in the fall. The index reached a five-year high of 27.5 in September.
Copyright 2014 The Associated Press.