Manufacturing activity in New York State falls more than expected

Manufacturing activity in the State of New York dropped more than expected in January, results of the latest The Empire State Manufacturing Survey showed on Tuesday

. The New York Federal Reserve reported factory activity across the region fell to 6.5 points from December's 9.0 points, while market analysts anticipated a slight decrease to 8.1 in January. However, any reading above the 0 point-level points to expansion in the manufacturing sector. The General Business Conditions Index declined slightly to 6.5 from 7.6 registered in December, remaining in the expansionary territory for the third straight month. Meanwhile, the New Orders Index dropped to 3.1, following the preceding month's 10.1 points, whereas the Shipments Index remained unchanged at 7.3, pointing to robust shipment growth. In addition, the Delivery Time Index and the Unfilled Orders Index advanced to -2.5 and -1.7 in January, respectively. The Inventories Index jumped 16 points to 2.5, indicating the first increase in inventory level since the middle of 2015. The Future Business Conditions Index held steady at 49.7 in January, after rising sharply in in the wake of Trump's victory in the US presidential election. The Prices Paid Index surged 14 points to 36.1, reaching its highest level since 2014 and pointing to increasing inflation.