The Federal Reserve Bank of New York released its monthly survey of New York manufacturers, and once again it cast a sunny outlook with continued growth in everything from business to employment. The only downside being a few indicators suggesting the rate of growth was slowing down compared to last month.
The headline general business conditions index fell five points to 13.1, suggesting a somewhat slower pace of growth than in January. The new orders index and the shipments index were little changed, and indicated ongoing growth in orders and shipments. Unfilled orders increased slightly, and delivery times lengthened. Labor market conditions pointed to a modest increase in employment and hours worked. Input price increases picked up noticeably, with the prices paid index reaching its highest level in several years. Firms remained very optimistic about future business conditions, and capital spending plans continued to be robust.