New York Manufacturing Index Indicates Notably Slower Contraction In February
(RTTNews) - A report released by the Federal Reserve Bank of New York on Wednesday showed a significant slowdown in the pace of contraction in regional manufacturing activity in the month of February.
The New York Fed said its general business conditions index soared to a negative 5.8 in February from a negative 32.9 in January, although a negative reading still indicates a contraction. Economists had expected the index to jump to a negative 18.0.
The rebound by the headline index came as the shipments index jumped to a positive 0.1 in February from a negative 22.4 in January.
The new orders index also surged to a negative 7.8 in February from a negative 31.1 in the previous month.
Meanwhile, the New York Fed said the number of employees index slumped to a negative 6.6 in February from a positive 1.8 in January.
The report also showed the prices paid index jumped to 45.0 in February from 33.0 in January, while the prices received index shot up to 28.4 from 18.8.
Looking ahead, the New York Fed said firms expect business conditions to improve somewhat over the next six months, with the index for future business conditions climbing to 14.7 in February from 8.0 in January.
The Federal Reserve Bank of Philadelphia is scheduled to release its report on regional manufacturing activity in the month of February on Thursday.
The Philly Fed Index is expected to inch up to a negative 7.4 in February from a negative 8.9 in January.
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