Economic Buzz: New York Manufacturing Index Recovers In February

16 Feb 2022 , 08:31 AM

The New York Fed said its general business conditions index rose to a positive 3.1 in February from a negative 0.7 in January. The modest rebound by the headline index partly reflected a turnaround by new orders, with the new orders index climbing to a positive 1.4 in February from a negative 5.0 in January. The shipments index also rose to 2.9 in February from 1.0 percent in January, while the number of employees index jumped to 23.1 from 16.1. On the inflation front, the prices paid index edged down to 76.6 in January from 76.7 in December, but the prices received index surged up to 54.1 from 37.1. The report also showed the unfilled orders index rose to 14.4 in February from 12.1 in January, while the delivery time index held at 21.6. Looking ahead, the New York Fed said firms were generally optimistic about the six-month outlook, although optimism waned from the previous month. The index for future business conditions slumped to 28.2 in February from 35.1 in January, hitting the lowest level since the early stages of the coronavirus pandemic.

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