Key Economic Data

The Empire State Manufacturing Index for general business conditions fell 8 points to 4.5 in the February 2014 Empire State Manufacturing Survey after rising 10 points in January. New orders were flat for the month, declining 11 points to -0.2. Manufacturers remained optimistic about business conditions for the next six months. The future general business conditions index rose to 39.0 along with a six point increase for future new orders. The future prices paid index fell to 40.0 and future prices received held steady at 23.8.

The January PMA Business Conditions Report showed metalforming companies were expecting weaker business conditions during the next three months. At a meeting of PMA’s Cleveland District, William E. Gaskin, PMA president, said participants were frustrated by government inaction. “Most agreed that increasing regulatory costs and frustrations over the lack of action in Washington, D.C. on tax rates, immigration and trade agreements threatened to restrict a stronger economic recovery.”