Jan. 16, 2007 -- Activity at New York factories eased in January to the slowest pace in more than a year, the New York Federal Reserve reported Tuesday.

The Fed's Empire State manufacturing index dropped to 9.13 this month from 22.19 in December, driven by fewer new orders and higher prices paid for raw materials, the report said.

The gauge is considered an early indicator of monthly manufacturing activity nationwide.

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Published on: Jan 16, 2007