Empire State Manufacturing Report Continues To Report Strong Conditions

The sample for the Empire State report continues to report strong conditions, at 13.1 for February. New orders are at 13.5 with unfilled orders building. Shipments are strong as is hiring and the average workweek is rising. And just like the Philly Fed, price indications are heating up noticeably with input costs accelerating sharply and selling prices showing steady and very strong traction.

Regional reports have been so strong that capacity stress, such as slowing delivery times and lack of available labor, continue to come into question. But these reports have consistently overshot actual government data, such as the manufacturing component of the industrial production.

Recent History Of This Indicator
The Empire State index pulled back in January to what was still a very strong rate of growth. Though growth for most of January's readings slowed including shipments and employment, price data showed acceleration including expectations for future costs and future selling prices. After 17.7 in January, the consensus for February is 17.5.