The Empire State Manufacturing Survey showed "business activity continued to decline for New York manufacturers," the Federal Reserve Bank of New York reported Friday, although the general business conditions index improved to negative 16.64 in February from negative 19.37 in January.
Economists surveyed by Thomson Reuters had expected the index would be negative 10.0.
The new orders index narrowed to negative 11.63 from negative 23.54, while the shipments index gained to negative 11.56 from negative 14.39, and unfilled orders narrowed to negative 6.93 from negative 11.00, the Fed said.
The delivery time index rebounded to negative 1.98 from negative 13.00, while the inventories index climbed to zero from negative 6.00 in the prior survey. The prices paid index fell to 2.97 from 16.00, while the prices received index reversed to negative 4.95 from positive 4.00. The number of employees index climbed to negative 0.99 from negative 13.00, while the average employee workweek index crept to negative 5.94 from negative 6.00, the Fed reported.
Looking six months into the future, the general business conditions index rose to 14.48 from 9.51 last month. The new orders index grew to 22.15 from 12.18, while the shipments index gained to 23.82 from 16.97, and unfilled orders increased to 9.90 from 8.00, the Fed said. The delivery time index narrowed to negative 2.97 from negative 5.00, while the inventories index dipped to 0.99 from 1.00.
The prices paid index plunged to 14.85 from 31.00, while the prices received index decreased to 3.96 from 12.00. The number of employees index soared to 16.83 from 4.00, while the average employee workweek index dropped to zero from 11.00, the Fed reported. The capital expenditures expectations index fell to 12.87 from 15.00. The technology spending index declined to 5.94 from 9.00.
