Economic Buzz: US New York manufacturing index edges down but remains positive in February
The New York Fed said its general business conditions index edged down to 7.1 in February from 7.7 in January, but a positive reading still indicates growth.
The slight decrease by the heading index partly reflected a downturn by shipments, as the shipments index plunged to a negative 1.0 in February from a positive 16.3 in January.
The new orders index also slipped to 5.8 in February from 6.6 in January, although the positive reading points to an ongoing increase in orders.
Meanwhile, the report said the number of employees index surged to a positive 4.0 in February from a negative 9.0 in January, indicating a rebound in employment.
The prices paid index also climbed to 49.1 in February from 42.8 in January, while the prices received index jumped to 22.2 in February from 14.4 in January.
Looking ahead, the New York Fed said firms continue to be optimistic about the outlook, with the index for future business conditions climbing to 34.7 in February from 30.3 in January.
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