Tuesday, February 16, 2016

NY Fed: "Business activity continued to decline for New York manufacturers" in February

by Bill McBride on 2/16/2016 08:36:00 AM

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.
...
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.
This was below the consensus forecast of -10.0, and indicates manufacturing continued to contract in the NY region.