Empire State index dips in January

Factory sector activity in the jurisdiction of the Federal Reserve bank of New York cooled a tad in January, according to the results of its widely-followed regional gauge.

The so-called Empire State index slipped from a reading of 19.6 for December to 17.7 in January, versus economists' forecasts for a reading of 18.5.

Subindices linked to new orders and shipments fell by 7.1 and 9.1 points each to 11.9 and 14.4, respectively.

In parallel, a gauge referencing levels of staffing dropped by 19.1 points to 3.8.

On the flip side, a sub-index tracking inventory levels jumped by 12.4 points to reach 13.8.