N.Y. Fed's Empire State factory index on rise, but still negative, in February
The numbers: The New York Federal Reserve’s Empire State business conditions index, a gauge of manufacturing activity in the state, rose 27.1 points in February to negative 5.8, the regional Fed bank said Wednesday. That’s the third month in a row of declining activity.Economists surveyed by the Wall Street Journal had forecast a negative 20.3 reading in February.
Key details: The new orders index rose 23.3 points to negative 7.8 in February. Shipments rose 22.5 points to barely positive 0.1 reading.Both the prices paid and prices received measures turned higher in February. Employment levels declined for the first time since early in the pandemic.Big picture: The factory sector is in contraction as higher interest rates have limited business investment. This has raised concern that the entire economy could slip into a recession later this year.
Market reaction: Stocks DJIA, -0.46% SPX, -0.03% were set to open lower while the yield on the 10-year Treasury note TMUBMUSD10Y, 3.761% inched up to 3.75%.
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