New York manufacturing grows at slower pace in February
WASHINGTON (AP) — Manufacturing activity in New York state expanded at a modest pace in February, held back by weaker orders and hiring.
The Federal Reserve Bank of New York says that its Empire State manufacturing index slipped to 7.8 this month from 10 in January. Any reading above zero indicates expansion. Orders fell to 1.2, suggesting that demand was nearly unchanged.
A measure of hiring showed that factories in the state still added jobs, but at a slower pace.
The New York Fed's Empire State survey provides an early look at U.S. manufacturing each month. The New York Fed surveys 200 businesses in the state and typically receives responses from 100.