Economy

Empire State Manufacturing Expands in February

February 16, 2021

Manufacturing activity grew modestly in New York State in February, said the Federal Reserve Bank of New York in the latest Empire State Manufacturing Survey.

The general business index soared nine points to register 12.1 as new orders picked up during the month. Shipments posted a small increase, but delivery times rose at the fastest pace in a year. Inventories were reported as higher, climbing 7.2 points from contraction to an index reading of 6.5.

Prices paid and received both rose sharply in February. Prices paid gained 12.3 points, reaching 2011 levels at 57.8. The prices received index was at its highest level in two years at 23.4.

Employment levels were steady in the February survey, gaining just 0.9 points to register 12.1 along with a slight increase in number of hours worked.

Survey participants were optimistic about future business conditions, expecting orders and shipments to both expand in the months ahead. As production picks up, delivery times are expected to lengthen and inventories to increase. Manufacturers expect pricing for raw materials and finished products to be notably higher.

Future indexes for capital expenditures and technology spending gained more than 10 points.

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