The Empire State Manufacturing Survey showed "conditions for New York manufacturers improved for the first time since the summer of last year," the Federal Reserve Bank of New York reported Friday as the general business conditions index rebounded to positive 10.04 in February from negative 7.78 in January.
Economists surveyed by Thomson Reuters had expected the index would be negative 2.50.
The new orders index soared to positive 13.31 from negative 7.18, while the shipments index increased to positive 13.08 from negative 3.08, and unfilled orders narrowed to negative 2.02 from negative 7.53, the Fed said.
The delivery time index reversed to positive 2.02 from negative 2.15, while the inventories index increased to zero from negative 8.60 in the prior survey. The prices paid index rose to 26.26 from 22.58, while the prices received index dipped to 8.08 from 10.75. The number of employees index rose to positive 8.08 from negative 4.30, while the average employee workweek index narrowed to negative 4.04 from negative 5.38, the Fed reported.
Looking six months into the future, the general business conditions index increased to 33.07 from 22.41 last month. The new orders index grew to 29.11 from 25.11, while the shipments index rose to 26.82 from 23.86, and unfilled orders climbed to 2.02 from 1.08, the Fed said. The delivery time index fell to negative 2.02 from zero, while the inventories index slipped to zero from 1.08.
The prices paid index increased to 44.44 from 38.71, while the prices received index fell to 13.13 from 21.51. The number of employees index grew to 15.15 from 7.53, while the average employee workweek index gained to 11.11 from 3.23, the Fed reported. The capital expenditures expectations index rose to 14.14 from 4.30. The technology spending index grew to 11.11 from 5.38.
