The New York Fed’s Empire State manufacturing survey fell to 4.58 in February, below Wall Street expectations.
Economists expected that the New York area index dropped to 9.01 in February from 12.51 the month prior.
“The Empire State headline index jumped over 10 points in January, and the new orders index escaped negative territory for the first time in two months,” wrote Nomura’s Lewis Alexander ahead of the report. He predicted a 10.0 reading.
“The increase in this new orders indicator is supportive of activity in February. However, we expect the continuous inclement weather to weigh on manufacturing sentiment in the Northeast region,” Alexander wrote.
Here’s a chart from the report: