The Empire State Manufacturing Survey “indicates that conditions for New York manufacturers deteriorated in February,” the Federal Reserve Bank of New York reported Friday, as the general business conditions index slumped to negative 11.72 in February from positive 9.03 in January. It was the first time since May 2005 that the index was negative.
Economists surveyed by IFR Markets had expected the index would be 5.75.
The new orders index declined to negative 11.88 from positive 0.04, while the shipments index slid to negative 4.86 from positive 15.84, the Fed said. The prices paid index grew to 47.37 from 40.24, while the prices received index slid to 17.89 from 18.29. The number of employees index decreased to negative 2.11 from positive 2.44, while the average employee workweek index slipped to zero from 4.88, the Fed reported.
Looking six months into the future, the general business conditions index rose to 22.72 from 19.44 last month. The prices paid index was nearly flat, dipping to 54.74 from 54.88, while the prices received index increased to 27.37 from 26.83. The number of employees index dropped to 4.19 from 19.01, while the average employee workweek index fell to 5.26 from 18.29.
