Manufacturing activity in New York State remained in expansion territory in February, and firms reported their strongest capital spending plans in years—an upbeat signal that executives see the recent pickup as durable.
The New York Federal Reserve’s Empire State general business conditions index came in at 7.1 in February, little changed from January and marking the fourth positive reading in five months. New orders stayed in positive territory, indicating demand continued to firm even as shipments cooled back to roughly flat after a strong showing in January.
Where the report turned notably brighter was in investment intentions. The capital…
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