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New York Manufacturing Index Indicates Continued Contraction In February

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Business activity for New York manufacturers has continued to decline in the month of February, according to a report released by the Federal Reserve Bank of New York on Tuesday.

The New York Fed said its general business conditions index climbed to a negative 16.6 in February from a negative 19.4 in January, but a negative reading continues to indicate a contraction in regional manufacturing activity. Economists had expected the index to rise to a negative 10.0.

The modest increase by the headline index was partly due to a slower pace of decline in new orders, as the new orders improved to a negative 11.6 in February from a negative 23.5 in January.

The number of employees index also increased to a negative 1.0 in February from a negative 13.0 in January, while the shipments index edged up to a negative 11.6 from a negative 14.4.

On the inflation front, the prices paid index dropped to 3.0 in February from 16.0 in January, and the prices received index fell to a negative 5.0 from a positive 4.0.

Meanwhile, the New York Fed said the index for future business conditions rose to 14.5 in February from 9.5 in January.

The Philadelphia Fed is scheduled to release its report on regional manufacturing activity on Thursday. The Philly Fed Index is expected to inch up to a negative 2.5 in February from a negative 3.5 in January.

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