The Empire State Manufacturing Survey “indicates that conditions for New York manufacturers deteriorated significantly in February,” the Federal Reserve Bank of New York reported yesterday, as the general business conditions index widened to negative 34.65 in February from negative 22.20 in January.
Economists surveyed by Thomson Reuters had expected the index would be negative 22.20.
The new orders index widened to negative 30.51 from negative 22.81, while the shipments index climbed to negative 8.13 from negative 13.12, the Fed said.
The prices paid index increased to negative 13.79 from negative 18.18, while the prices received index dropped to negative 20.69 from negative 3.41. The number of employees index decreased to negative 39.08 from negative 26.14.
Looking six months into the future, the general business conditions index slumped to negative 6.56 from negative 3.95 last month.