The Empire State Manufacturing Survey showed "business activity continued to expand in New York State," the Federal Reserve Bank of New York reported Thursday, although the general business conditions index declined to 13.1 in February from 17.7 in January.

Empire state manufacturing survey

Economists surveyed by Thomson Reuters had expected the index would be 18.0.

The new orders index grew to 13.5 from 11.9, while the shipments index fell to 12.5 from 14.4, and unfilled orders increased to 4.9 from 4.3, the Fed said.

The delivery time index climbed to 11.1 from 3.6, while the inventories index declined to 4.9 from 13.8 in the prior survey. The prices paid index climbed to 48.6 from 36.2, while the prices received index dipped to 21.2 from 21.7. The number of employees index gained to 10.9 from 3.8, while the average employee workweek index rose to 4.6 from 0.8, the Fed reported.

Looking six months into the future, the general business conditions index gained to 50.5 from 48.6 last month. The new orders index decreased to 47.2 from 47.6, while the shipments index grew to 46.7 from 46.3, and unfilled orders slid to 16.7 from 18.1, the Fed said. The delivery time index climbed to 15.3 from 10.9, while the inventories index plunged to 9.0 from 20.3.

The prices paid index declined to 52.1 from 52.9, while the prices received index fell to 25.7 from 31.2. The number of employees index dropped to 19.5 from 26.9 while the average employee workweek index gained to 20.8 from 16.7, the Fed reported. The capital expenditures index decreased to 31.9 from 34.8. The technology spending index fell to 23.6 from 27.5.

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.