The Empire State Manufacturing Survey showed business conditions at 7.1 in February (unchanged MoM), indicating modest ongoing regional factory expansion.

• The general business conditions index held at 7.1 (0.0 pts MoM), marking the fourth positive reading in five months and signaling continued modest growth in activity.

• New orders registered 5.8 while shipments fell to -1.0 (-17.3 pts MoM), indicating demand expanded but output flow was essentially flat.

• Unfilled orders rose to 9.1 (+17.0 pts MoM) and delivery times lengthened slightly, suggesting a growing backlog alongside mild supply frictions.

• Employment increased to 4.0 (+13 pts MoM) and the average workweek to 2.1 (+8 pts), pointing to a small rebound in labor utilization after the prior month’s decline.

• Price pressures strengthened: prices paid rose to 49.1 (+6.3 pts MoM) and prices received to 22.2 (+7.8 pts MoM), indicating faster input and selling price increases.

• Firms’ outlook improved, with the future business conditions index at 34.7 (+4 pts) and the capital expenditures index at 18.2 (+8 pts, multi year high), showing stronger expectations for activity and investment.