The NY Fed’s Empire State Manufacturing Survey dropped 4.6 points in February to 13.1 indicating that NYS manufacturing continued to expand, albeit at a slower pace than the last six months. However, the index for future conditions, which measures the six-month outlook climbed to 50.5, its highest level in six years. NY manufacturers are clearly optimistic about the near term despite stock market gyrations and inflation fears. New Orders, Unfilled Orders, Delivery Times and Average Work Week all ticked up from January to February, but so did Prices Paid. See the full report here.
