New York Fed February Manufacturing Index Slumps To -11.72

New York Fed February Manufacturing Index Slumps To -11.72
    By Matthew Cowley    Of DOW JONES NEWSWIRES  


NEW YORK (Dow Jones)--The Federal Reserve Bank of New York said Friday that its Empire State Manufacturing survey showed business conditions deteriorated markedly in February, with the index at -11.7, falling below zero for the first time since May 2005.

The data were well below the median forecast of 6.5 in a Dow Jones Newswires survey.

The general business conditions index tumbled nearly 21 points from 9.03 the month before. New orders slumped to -11.88 in February from 0.04 in January, the bank said.

The New York Fed said the outlook remains subdued, and that "after tumbling last month, future indexes remained generally positive but still well below levels of late last year." The future general business conditions index rose to 22.72 from 19.44 in January.

-By Matthew Cowley, Dow Jones Newswires; 201-938-5692; matthew.cowley@dowjones.com

(END) Dow Jones Newswires

February 15, 2008 08:30 ET (13:30 GMT)


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