The Empire State Manufacturing Survey showed conditions for New York State manufacturers improved in June, the Federal Reserve Bank of New York reported yesterday, as the general business conditions index rose to 19.57 from 19.11.
Economists surveyed by Thomson Reuters had expected the index to rise to 20.00.
The new orders index grew to 17.53 from 14.30 in May, the shipments index rose to 19.67 from 11.29, and unfilled orders improved to negative 1.23 from negative 7.89, the Fed said.
The delivery time index surged to 9.88 from negative 6.58, while the inventories index decreased to negative 1.23 from 1.32 in the prior survey. The prices paid index slid to 27.16 from 44.74, while the prices received index fell to 4.94 from 5.26.
The number of employees index declined to 12.35 from 22.37 and the average employee workweek index rose to 8.64 from zero, the Fed reported.
Looking six months into the future, the general business conditions index decreased to a reading of 40.74 from 42.11 in May. The new orders index slumped to 38.27 from 39.47, the shipments index gained to 37.04 from 35.53, and unfilled orders fell to 6.17 from 18.42.
The delivery time index improved to zero from negative 5.26, while the inventories index narrowed to negative 1.23 from negative 1.32.
The prices paid index slid to 41.98 from 46.05 and the prices received index grew to 28.40 from 23.68. The number of employees index dipped to 28.40 from 28.95, while the average employee workweek index increased to 6.17 from 5.26. The capital expenditures expectations index dropped to 28.40 from 38.16 and the tech spending index decreased to 13.58 from 21.05, the Fed reported.
