The Empire State Manufacturing Survey showed "business conditions improved marginally for New York manufacturers," in February, but weakened from January, the Federal Reserve Bank of New York reported Tuesday as the general business conditions index fell to 4.48 in February from 12.51 in January.
Economists surveyed by Thomson Reuters had expected the index would be 9.00.
The new orders index slumped to negative 0.21 from positive 10.98, while the shipments index decreased to 2.13 from 15.52, and unfilled orders narrowed to negative 6.25 from negative 8.54, the Fed said.
The delivery time index improved to positive 1.25 from negative 8.54, while the inventories index dropped to negative 5.00 from positive 2.44 in the prior survey. The prices paid index declined to 25.00 from 36.59, while the prices received index gained to 15.00 from 13.41. The number of employees index slipped to 11.25 from 12.20, while the average employee workweek index rose to 3.75 from 1.22, the Fed reported.
Looking six months into the future, the general business conditions index increased to 38.99 from 37.51 last month. The new orders index grew to 45.31 from 39.10, while the shipments index rose to 43.33 from 30.58, and unfilled orders crept to 5.00 from 4.88, the Fed said. The delivery time index increased to positive 3.75 from negative 1.22, while the inventories index jumped to positive 12.50 from negative 2.44.
The prices paid index dipped to 40.00 from 45.21, while the prices received index inched up to 23.75 from 23.17. The number of employees index rose to 25.00 from 20.73, while the average employee workweek index declined to 7.50 from 9.76, the Fed reported. The capital expenditures expectations index slid to 2.50 from 12.20. The technology spending index fell to zero from 12.20.
