The Empire State Manufacturing Survey “indicates that conditions for New York manufacturers deteriorated in February,” the Federal Reserve Bank of New York reported Friday, as the general business conditions index slumped to negative 11.72 in February from positive 9.03 in January. It was the first time since May 2005 that the index was negative.

Economists surveyed by IFR Markets had expected the index would be 5.75.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.