02:56 PM EDT, 03/15/2024 (MT Newswires) -- Import prices rose by 0.3% in February, as expected, after a 0.8% gain in the previous month.

Import prices were still up 0.2% excluding a 1.7% jump in petroleum prices.

While import prices were in line with expectations, export prices rose by 0.8% in February, double what was expected, and were still up 0.8% excluding a 0.8% gain in agricultural prices.

The Empire State index, the first manufacturing reading for March, fell to minus 20.9 from minus 2.4 in February, suggesting sharp contraction in the factory sector.

February industrial production rose by 0.1% after a 0.5% decline in January, with manufacturing production up 0.8% both overall and excluding a 1.8% gain in motor vehicle and parts production.

Utilities output fell by 7.5% on declines in both electricity and natural gas production as temperatures were warmer than normal. Mining production rose by 2.2% after a weather-related decline in the previous month.

The preliminary Michigan Sentiment index fell to 76.5 in March from 76.9 in February, reflecting little change in customers' attitudes from the previous month.

According to Michigan, consumers' assessment of current conditions held steady in March, while the near-term outlook declined slightly.

Michigan said that inflation expectations were unchanged from the previous month.

The St. Louis Fed's GDP nowcast growth estimate for Q1 was revised up to 1.21% from the 1.19% estimate a week ago.