NY Fed Empire State Manufacturing Index improves to 8.8 in Feb vs 7 expected

"Business activity grew modestly in New York State, according to firms responding to the February 2019 Empire State Manufacturing Survey," the Federal Reserve Bank of New York said on Friday. "The headline general business conditions index moved up five points to 8.8. New orders and shipments also increased modestly."

Key takeaways from the press release

• The new orders index climbed four points to 7.5.
• The shipments index came in at 10.4, indicating a decent pace of growth, though the index fell eight points to its lowest level in well over a year. 
• The index for number of employees fell for a second consecutive month, declining three points to a still-positive 4.1, pointing to a slight increase in employment levels, and the average workweek index moved down to 2.5.
• The prices paid index fell for a third consecutive month, falling nine points to 27.1, indicating a continued slowing of input price increases.