The Empire State Manufacturing Survey general business-conditions index jumped 12 points to 18.7 in February, its highest level in more than two years.
The figure exceeded economists’ expectations by more than 10 points and represents the index’s fourth consecutive positive reading.
The results of the February survey indicate that business activity “expanded at a solid clip” for New York manufacturers, the Federal Reserve Bank of New York said in its news release issued Wednesday.
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The survey found 33 percent of respondents reported that conditions had improved over the month, while 14 percent said that conditions had worsened.
A positive reading indicates expansion or growth in manufacturing activity, while a negative reading on the index points to a decline in the sector.
The February index level followed the 6.5 reading in January, a 9 in December, a 1.5 in November, and a -6.8 in October.
Survey details
The new-orders index climbed to 13.5, and the shipments index advanced to 18.2, pointing to “substantial” increases in both orders and shipments.
The unfilled-orders index rose above zero for the first time in more than five years.
Delivery times were reported as “longer,” and inventories increased.
Labor-market conditions improved, with both employment and hours worked moving higher.
After reaching multiyear highs last month, the prices paid and prices received indexes were “little changed.”
Indexes assessing the six-month outlook continued to convey a “high degree of optimism” about future conditions, the New York Fed said.
The New York Fed distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York. On average, about 100 executives return responses.
Contact Reinhardt at ereinhardt@cnybj.com
PHOTO CREDIT: Federal Reserve Bank of New York website
