The results for the February 2019 Empire State Manufacturing Survey are in, and they’re more positive than January. The general business conditions index increased after falling eight points in January to its lowest point in well over a year.
Business activity grew modestly in New York State, according to firms responding to the February 2019 Empire State Manufacturing Survey. The headline general business conditions index moved up five points to 8.8. New orders and shipments also increased modestly. Delivery times were slightly longer, and inventories held steady. Labor market indicators pointed to a slight increase in employment and hours worked. The prices paid index moved lower for a third consecutive month, indicating an ongoing deceleration in input price increases, while the prices received index climbed ten points to reach its highest level in several months, indicating a pickup in selling price increases.
The Empire State Manufacturing Survey also asks manufacturers to provide a six-month outlook, which improved significantly from January. Firms are fairly optimistic about future conditions after slumping last month.