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- Manufacturing activity in the New York region expands more than forecast in February
Manufacturing activity in the New York region expands more than forecast in February
The report from
the New York Federal Reserve showed on Tuesday that manufacturing activity in
the New York region expanded modestly in early February.
According to
the survey, NY Fed Empire State manufacturing index rose from 3.5 in January to
12.1 in February, pointing to the fastest growth in activity since July 2020.
Economists had
expected the index to come in at 6.0.
Anything below
zero signals contraction.
According to the
report, the new orders index rose 4.2 points to 10.8, indicating that orders advanced,
and the shipments index fell 3.3 points to 4.0, pointing to a small gain in
shipments. The employment index went up 0.9 points to 12.1, indicating ongoing
modest rise in employment. Delivery times lengthened (9.1 in February, up from 5.5
in January), and inventories increased (6.5, up from -0.7 in January). On the
price front, the prices paid index jumped 12.3 points to 57.8, a level last
reached in 2011, pointing to sharp input price increases, while the prices
received index increased 8.2 points to 23.4, its highest level in two years,
pointing to a pickup in selling price gains.
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