The Empire State Manufacturing Survey showed "business activity expanded at a solid clip in New York State," the Federal Reserve Bank of New York reported Wednesday, as the general business conditions index increased to 18.7 in February from 6.5 in January.
Economists surveyed by Thomson Reuters had expected the index would be 7.0.
The new orders index grew to 13.5 from 3.1, while the shipments index rose to 18.2 from 7.3, and unfilled orders reversed to positive 8.2 from negative 1.7, the Fed said.
The delivery time index gained to positive 7.1 from negative 2.5, while the inventories index improved to 3.1 from 2.5 in the prior survey. The prices paid index gained to 37.8 from 36.1, while the prices received index increased to 19.4 from 17.6. The number of employees index rose to positive 2.0 from negative 1.7, while the average employee workweek index reversed to positive 4.1 from negative 4.2, the Fed reported.
Looking six months into the future, the general business conditions index slipped to 41.7 from 49.7 last month. The new orders index climbed to 43.8 from 39.8, while the shipments index slid to 41.7 from 43.4, and unfilled orders fell to 14.3 from 18.5, the Fed said. The delivery time index declined to 4.1 from 7.6, while the inventories index decreased to 4.1 from 5.9.
The prices paid index dropped to 38.8 from 50.4, while the prices received index slipped to 25.5 from 27.7. The number of employees index rose to 28.6 from 27.7, while the average employee workweek index crept to 19.4 from 19.3, the Fed reported. The capital expenditures index decreased to 22.4 from 25.2. The technology spending index gained to 16.3 from 14.3.
