United States: NY Empire State Manufacturing Survey
|Updated:||2/18/2014 8:39 AM|
|Analyst:||Ryan Sweet in West Chester|
Manufacturing conditions softened in New York in February, but this doesn’t raise a red flag. The Empire State general business conditions index fell from 12.5 to 4.5. The drop, which was noticeably larger than we expected, may have been caused by the combination of payback for January’s solid gain and weather in February. Despite the decline, the index is near its six-month average. The details worsened, however, as new orders fell 11 points to -0.2 while shipments and unfilled orders both declined. The good news is that the employment details held up better, a positive for February nonfarm payrolls.
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