Tuesday, February 18, 2003
The manufacturing index in New York State fell in February to the lowest level in four months, the Federal Reserve Bank of New York said Tuesday.
The Empire Survey is a relatively new economic indicator that has earned the growing attention. It surveyed approximately 175 New York manufacturers about their business conditions.
The "general business conditions" index, released monthly by the New York Fed, dropped to 1.1 from 20.7 in January. The index reading was the lowest since 14.6 in October. Any number above zero indicates expanding activity.
Pricing pressures continued to weigh on manufacturers, according to the survey, with the "prices paid" index rising to 19.2, the highest level since the survey began in July 2001, from 7.3 in January.
Meanwhile, the "prices received" index was 14.4, compared with 15.6 in January, a sign that businesses are paying more for commodities, but can't pass those costs on to retailers or consumers.
The survey's new orders index fell to 12.3 from 18.7 in January, while its shipments index fell to 11.8 from 22.8 in January.
By: DocMemory
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