The New Federal Reserve’s Empire State Manufacturing Survey fell 5 points to 13.1 in February, but still continued to expand at a solid pace. The new orders index and the shipments index were little changed, and indicated ongoing growth in orders and shipments.
Unfilled orders increased moderately and delivery times lengthened.
“Labor market conditions pointed to a modest increase in employment and hours worked,” the New York Fed said in the release. “Input price increases picked up noticeably, with the prices paid index reaching its highest level in several years. Firms remained very optimistic about future business conditions, and capital spending plans continued to be robust.”