MW: U.S. Feb. Empire State index 24.9 vs. 15.9 Jan
By Greg Robb
WASHINGTON (MarketWatch) -- Manufacturing activity in the New York expanded at a faster pace in February, the New York Federal Reserve Bank said Tuesday. The bank's Empire State Manufacturing index rose to 24.9 in February from 15.9 in January. The index had plunged in December but has now rebounded to the highest level since October. The details of the report were mixed. New orders slowed to 8.8 in February from 20.5 in the prior month. Shipments inched lower. However, inventories were flat in February after 17 straight negative monthly readings. Employment was positive for the second straight month. The index is of interest to investors and economists primarily because it's seen as an early indicator of what the Institute for Supply Management's February national factory survey due out in two weeks may show. In January, the ISM manufacturing index reached its highest level since 2004.
