The February 2014 Empire State Manufacturing Index was 4.5 indicating modest expansion. That reading was down over 8 points from January’s 18 month high of 12.5, and marks a return to the tight +10/-10 range that the Index has charted since mid-2012. The Six Month Outlook, an optimistic 39, has been virtually unchanged since August 2013. See the full report here http://www.newyorkfed.org/survey/empire/empire2014/2014_02Report.pdf
