New York reports factory levels fall less than expected in February

NEW YORK CITY, New York: The New York Federal Reserve Bank has reported that its barometer of manufacturing activity for New York State, its "Empire State Index," contracted for a third consecutive month, but lower than expected due to more stable orders and shipments.

This month, the regional index, which is based on current business conditions, rose to -5.8 from -32.9 in January, which was its lowest level since 2020.

Economists polled by Reuters had forecast the index at -18.0, with a figure below zero representing a contraction in manufacturing in the state.

After January’s significant decline, new orders contracted less and shipments were unchanged, while manufacturing employment fell slightly, the first losses of New York factory jobs since June 2020.