The Empire State Manufacturing Survey general business-conditions index fell about five points in February to 13.1, “suggesting a somewhat slower pace of growth than in January.”
Despite the drop in the general business-conditions index, business activity in New York “continued to expand,” the Federal Reserve Bank of New York said in the survey report Thursday.
A positive reading indicates expansion or growth in manufacturing activity, while a negative number on the index points to a decline in the sector.
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The survey found 37 percent of New York manufacturer respondents reported that conditions had improved over the month, while 24 percent said that conditions had worsened.
Survey details
The new orders index and the shipments index were “little changed,” and indicated “ongoing growth” in orders and shipments, the New York Fed said.
Unfilled orders increased “slightly,” and delivery times “lengthened.”
Labor-market conditions pointed to a “modest” increase in employment and hours worked.
Input price increases picked up “noticeably,” with the prices-paid index reaching its highest level in several years.
Firms remained “very optimistic” about future business conditions, and capital spending plans “continued to be robust,” per the survey.
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.
Contact Reinhardt at ereinhardt@cnybj.com
Visual credit: Federal Reserve Bank of New York website
