The Federal Reserve Bank of New York released a report on Tuesday showing a modest increase in regional manufacturing activity in the month of 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. Economists had expected the index to dip to 6.0.
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.
The Federal Reserve Bank of Philadelphia is scheduled to release its report on regional manufacturing activity in the month of February on Thursday.
The Philly Fed’s diffusion index for current general activity is expected to fall to 9.3 in February after spiking to 12.6 in January.
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