According to the Federal Reserve Bank of NY’s Empire State Manufacturing Survey for February, statewide manufacturing activity grew modestly. The general business conditions index was up 18.3 points to 5.9 (a reading above 0.0 is consistent with expansion), led by increases in New Orders and Shipments. However, according to the report “optimism about the [future] outlook dropped noticeably” as the future business conditions index fell 14.5 due, in part perhaps, to rekindled inflation fears as the Prices Paid index increased to its highest level in almost two years. See the full report here.
