New York State’s manufacturing sector is struggling to find new momentum after struggling in February.
Source: Federal Reserve Bank of New York
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The Empire State Manufacturing survey’s general business conditions index expanded to a reading of 3.1 in February, from a drop of -0.7 in January. The figure was lower than the estimated as economists were looking for the index to surge to 11.9.
Survey findings indicate that regional factory activity expanded marginally over the month, as any reading above zero shows that the sector is expanding.
Nearly 34% of the firms surveyed in February stated that the business conditions improved as 30% stated that the conditions worsened.
Demand for goods remained unchanged in February. The new orders index rose to 1.4 from -5.0 the prior month.
Respondents were hopeful about the short-term outlook. The index for future business conditions dropped to 28.2 from 35.1, the lowest level since the early phases of the pandemic.