NEW YORK - The Empire State Manufacturing Survey showed “conditions for New York manufacturers improved at a healthy pace in February," the Federal Reserve Bank of New York today reported, as the general business conditions index surged to 24.91 in the month from 15.92 in January, the Fed reported.
Economists surveyed by Thomson Reuters had expected the index would be 18.00.
The new orders index fell to 8.78 from 20.48, while the shipments index slid to 15.14 from 21.07, and unfilled orders increased to 2.78 from 2.67, the Fed said.
The delivery time index reversed to negative 6.94 from positive 6.67, while the inventories index gained to zero from negative 17.33 in the prior survey. The prices paid index dipped to 31.94 from 32.00, while the prices received index rose to 4.17 from 2.67. The number of employees index increased to 5.56 from 4.00, while the average employee workweek index grew to 8.33 from 5.33, the Fed reported.
Looking six months into the future, the general business conditions index decreased to 52.78 from 56.00 last month. The new orders index jumped to 55.56 from 52.00, while the shipments index climbed to 55.56 from 54.67, and unfilled orders fell to 11.11 from 22.67, the Fed said. The delivery time index reversed to positive 4.17 from negative 1.33, while the inventories index jumped to 12.50 from 5.33.
The prices paid index dipped to 50.00 from 54.67, while the prices received index crept to 20.83 from 20.00. The number of employees index rose to 27.78 from 26.67, while the average employee workweek index soared to 26.39 from 18.67, the Fed reported. The capital expenditures expectations index declined to 27.78 from 33.33. The technology spending index decreased to 12.50 from 13.33.
