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Empire State Manufacturing Index Rises To 18.7 In February

Editor's Note: Updating earlier story to add more details from report, current gold prices.

(Kitco News) - The general business index in the Empire State manufacturing survey jumped to a reading of 18.7 this month from 6.5 in January, the New York Federal Reserve said. Gold eased after this and several other major U.S. economic reports that were released at the same time.

The Empire State headline reading was the highest in more than two years. Going into the report, consensus expectations compiled by various news organizations had been for a reading of 7.0 to 7.5.

The index for new orders surged to 13.5 from 3.1, while the shipments index soared to 18.2 from 7.3.

The inflation and employment indices also climbed. The reading for prices paid edged up to 37.8 from 36.1, while the prices-received number rose to 19.4 from 17.6. The index for number of employees rose to a positive 2.0 from negative 1.7 in January, while another index for the average workweek climbed to plus 4.1 from minus 4.2.

The government released stronger-than-forecast reports on January retail sales and consumer inflation. On the back of this and the Empire State report, Comex April gold fell. The contract was trading down $4.70 to $1,220.70 an ounce as of 8:58 a.m. EST.

By Allen Sykora of Kitco News; asykora@kitco.com

 

 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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