by Bill McBride on 2/16/2016 08:36:00 AM
Tuesday, February 16, 2016
From the NY Fed: Empire State Manufacturing Survey
Business activity declined for a seventh consecutive month for New York manufacturing firms, according to the February 2016 survey. After dropping to its lowest level since the Great Recession in January, the general business conditions index edged up three points to -16.6. The new orders index climbed twelve points to -11.6, indicating that orders fell, though at a slower pace than last month.This was below the consensus forecast of -10.0, and indicates manufacturing continued to contract in the NY region.
The index for number of employees rose twelve points to -1.0, indicating that employment levels were flat, and the average workweek index held steady at -6.0, signaling that the average workweek shortened.
Posted by Bill McBride on 2/16/2016 08:36:00 AM