Manufacturing activity continued to expand in New York State, but at a slower pace in February. The Empire State Manufacturing Survey general business index dipped five points to 13.1.
A slight increase in new orders was offset by a similar decrease in shipments. Unfilled orders increased slightly and delivery times lengthened.
Input prices jumped in February with the prices paid index reaching its highest level in nearly six years at 48.6. The prices received index remained steady at 21.5. Inventories were reported as somewhat higher in the February survey.
Looking ahead for the next six months, manufacturers remained optimistic. The future business index grew 2 points to 50.5, with indexes for future orders and shipments remaining relatively steady. Longer delivery times are anticipated, and the prices paid index stayed near last month’s multi-year high.
The Empire State Manufacturing Survey is published monthly by the Federal Reserve Bank of New York. A reading above zero indicates growth.
Below is a graph showing the history of The Empire State Manufacturing Index. You will need to view the graph on our website to use its interactive features, you can do so by clicking here. If you need assistance logging into or navigating the website, please contact our office at 800-432-3475 or info@SteelMarketUpdate.com.
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