By Micah Maidenberg 
 

New York manufacturers reported that business activity is still expanding, but growth slowed more than expected in December and companies are a bit less optimistic about the future.

The Empire State Manufacturing Survey's general business conditions index, compiled by the Federal Reserve Bank of New York, fell to 10.9 from 23.3 in November. A positive index reading means activity is expanding.

Economists polled by The Wall Street Journal expected an index reading of 21.

The New York Fed said 30% of respondents reported business conditions improved from a month earlier while 19% said they had worsened.

Manufacturers were slightly less optimistic about the next six months, with the index for future business conditions falling three points to 30.6.

The new orders index fell to 14.5 from 20.4, while the number of shipments dropped to 21 from 28 in November. The index measuring hiring growth rose to 26.1 from 14.1 last month, indicating that employment grew strongly.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

December 17, 2018 09:05 ET (14:05 GMT)