N.Y. Fed Manufacturing Index Jumps In February

The New York State Manufacturing Survey increased favorably in February after a sharp drop in January.

The Empire State Manufacturing Survey increased favorably in February, according to the state’s survey released Thursday.

The general business conditions index rebounded to 24.4 after January’s sharp drop to 9.1. The new orders and shipments indexes also increased significantly. Forty-one percent of survey respondents reported that conditions had improved in February, while 17 percent reported that conditions had worsened.

Nearly 55 percent of firms reported that the dollar had weakened against the currencies that mattered most for their business, while just eight percent reported that it had strengthened. Survey respondents indicated that recent movements in the dollar have had a positive effect on foreign sales, but a negative effect on most other aspects of their business. More than one-third of manufacturers said they planned to devote increased resources to marketing abroad in 2007.

To read the entire survey, click here.

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