The Federal Reserve Bank of New York reported today that its Empire State Manufacturing Survey general business-conditions index fell to 4.5 in February from 12.5 in January.
However, since the index remained above zero, it indicates that business conditions improved “marginally” for New York manufacturers this month, according to the New York Fed.
The monthly survey found 29 percent of respondents reported that conditions improved over the month, while 25 percent reported that conditions worsened.
The survey also found the new-orders index fell to about zero, indicating that orders were “flat,” the New York Fed said in the survey summary at its website.
The shipments index declined 13 points to 2.1. The unfilled-orders index remained negative at -6.3.
The prices-paid index fell 12 points to 25, pointing to a “slowing pace” of input-price increases, according to the New York Fed.
The prices-received index climbed two points to 15.0, suggesting a “faster pace” of selling-price increases.
Employment indexes were “little changed,” indicating a “modest” increase in employment levels and “slightly longer” workweeks, according to the New York Fed.
Indexes for the six-month outlook continued to convey “fairly robust” optimism about future conditions, even as the capital-spending index fell 10 points to 2.5, a multiyear low, the survey summary stated.
The New York Fed distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York.
On average, about 100 executives return responses, it says.
Contact Reinhardt at ereinhardt@cnybj.com