NY manufacturing growth slows in February: NY Fed

NEW YORK Tue Feb 18, 2014 9:46am EST

The Eastman Business Park is pictured in Rochester, New York, December 23, 2011. REUTERS/Adam Fenster

The Eastman Business Park is pictured in Rochester, New York, December 23, 2011.

Credit: Reuters/Adam Fenster

NEW YORK (Reuters) - A gauge of manufacturing in New York state slowed in February after hitting a 20-month high in January, the New York Federal Reserve said in a report on Tuesday.

The New York Fed's "Empire State" general business conditions index fell to 4.48 from 12.51 the month before. Economists polled by Reuters had expected a reading of 9.0.

New orders fell to -0.21 from 10.98, while inventories fell to -5.00 from 2.44.

Employment gauges were mixed. The index for the number of employees fell to 11.25 from 12.20 and the average employee workweek index rose to 3.75 from 1.22.

The index of business conditions six months ahead rose to 38.99 in February from 37.51 in January.

The survey of manufacturing plants in the state is one of the earliest monthly guideposts to U.S. factory conditions.

(Reporting by Daniel Bases; Editing by Chizu Nomiyama)

Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

Recommended Newsletters

Reuters U.S. Top News
A quick-fix on the day's news published with Reuters videos and award-winning news photography and delivered at your choice of one of four times during the day.
Reuters Deals Today
The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day.
Reuters Technology Report
Your daily briefing on the latest tech developments from around the world from Reuters expert tech correspondents.