Bankinter | Empire Manufacturing (February): 7.1 versus 6.2 expected versus 7.7 previous.
Bankinter analysis team’s view: The indicator shows that manufacturing activity in NY continues to expand moderately. New Orders remained positive (5.8), reflecting continued growth in demand, albeit at a moderate pace. Shipments weakened and fell to -1.0, signalling a stabilisation after the strength of the previous month (16.3). In the labour market, the Employment Index improved to positive levels (4 from -9), suggesting some recovery in industrial hiring after the decline seen in January. In terms of prices, greater inflationary pressures were observed: Prices Paid rebounded to 49.1 and Prices Received to 22.2, pointing to a certain increase in both costs and pricing power on the part of companies. Looking ahead, companies remain relatively optimistic, with the Future Conditions index standing at 34.7, indicating expectations of continued recovery in activity and employment over the next six months, although in a context where price pressures could remain a factor to watch for monetary policy.
