Upside surprise in Empire State index for December, price gauges ease a little

Manufacturing activity in the Federal Reserve Bank of New York's district picked up slightly at the end of the year, to the surprise of economists.

The so-called Empire State index edged up from a reading of 30.9 for November to 31.9 in December.

Economists had forecast a decline to 25.0.

The NY Fed's district covers the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U.S. Virgin Islands.

Survey gauges for new orders and shipments both dipped, but only very slightly.

A sub-index tracking delivery times on the other hand fell from November's level of 32.2 to 23.1.

Subindices linked to the prices paid by firms and the prices received by them were also lower.