The Empire State Manufacturing Survey showed "business activity continued to expand at a modest pace for New York manufacturers," the Federal Reserve Bank of New York reported Tuesday, as the general business conditions index slipped to 7.78 in February from
Economists surveyed by Thomson Reuters had expected the index would be 9.00.
The new orders index decreased to 1.22 from 6.09, while the shipments index gained to 14.12 from 9.59, and unfilled orders narrowed to negative 6.74 from negative 8.42, the Fed said.
The delivery time index improved to positive 1.12 from negative 5.26, while the inventories index climbed to negative 2.25 from negative 7.37 in the prior survey. The prices paid index rose to 14.61 from 12.63, while the prices received index decreased to 3.37 from 12.63. The number of employees index slid to 10.11 from 13.68, while the average employee workweek index narrowed to negative 1.12 from negative 8.42, the Fed reported.
Looking six months into the future, the general business conditions index plunged to 25.58 from 48.35 last month. The new orders index fell to 28.61 from 41.44, while the shipments index sank to 30.34 from 40.57, and unfilled orders reversed to negative 2.25 from positive 2.11, the Fed said. The delivery time index rebounded to positive 2.25 from negative 3.16, while the inventories index decreased to negative 4.49 from positive 1.05.
The prices paid index slid to 26.97 from 33.68, while the prices received index dropped to 5.62 from 15.79. The number of employees index slipped to 24.72 from 31.58, while the average employee workweek index declined to 1.12 from 11.58, the Fed reported. The capital expenditures expectations index soared to 32.58 from 14.74. The technology spending index increased to 19.10 from 12.63.
