Manufacturing in New York State grew in February, but at a slower rate than forecast.
The latest report from the Federal Reserve Bank In New York showed the general business index fell to 7.8 this month from 10. A drop to 8.5 was expected.
A level above 0.0 indicates growth. Anything under shows conditions are weakening.
After nearly a year of solid gains, the bigger than estimated dip points to worsening factory output for the entire country in the first three months of 2015.
And despite continued hiring, New York manufacturers aren’t as optimistic as they were about the economy, according to an Associated Press analysis.
Not all the numbers looked down, factory shipments were up, along with companies planning to invest in heavy equipment in the coming year.
The New York state report surveys 200 businesses, though not all will respond. It’s seen by investors as an early look at the upcoming national Institute for Supply management factory survey.
