The Federal Reserve Bank of New York has released the results of its monthly manufacturing survey for January 2018. As expected, the first report of the new year shows little has changed. The headline general business conditions index, at 17.7, was about the same as it was last month. The new orders index and the shipments index both showed ongoing growth, although at a slower pace than in December. Unfilled orders and delivery times increased slightly, and inventory levels were higher. Both input prices and selling prices increased at a faster pace than last month. Firms remained very optimistic about future business conditions, and capital spending plans were robust.