The is is the New York Fed's monthly survey of business conditions for manufacturers in New York State. The Empire State Manufacturing Survey isn't seen as being as important as the Philadelphia Fed Survey, mostly because it is more tightly focused than the Philadelphia Fed Survey, but it is still an important indicator of manufacturing trends.
For February, the level of the General Business Conditions Index was 15.43, a 3.5 point increase from January. The Econoday-surveyed analysts are expecting to see a further increase, with the level rising to 16.0. And how did we actually do? Well, the New York Fed is reporting that the general business conditions beat expectations, rising to a level of 17.5. The New Orders index fell 5.99 points to 5.81, however, and the shipments index fell 9.69 points to 1.62.
Turning to the expectations index, which surveys what businesses think will be happening six months from now, the general business conditions index fell 0.05 points to a level of 49.35 (which is a hardly noticeable change).