Empire State Manufacturing Report Shows Some Improvement

The Empire State Manufacturing Survey showed "conditions for New York manufacturers continued to improve slightly," the Federal Reserve Bank of New York reported Monday as the general business conditions index slipped to 3.05 in April from 9.24 in March.

Economists surveyed by Thomson Reuters had expected the index would be 7.00.

The new orders index dropped to 2.20 from 8.18, while the shipments index decreased to 0.75 from 7.76, and unfilled orders widened to negative 3.41 from negative 2.15, the Fed said.

The delivery time index slid to negative 3.41 from negative 2.15, while the inventories index narrowed to negative 4.55 from negative 5.38 in the prior survey. The prices paid index rose to 28.41 from 25.81, while the prices received index climbed to 5.68 from 2.15. The number of employees index grew to 6.82 from 3.23, while the average employee workweek index rebounded to 5.68 from zero, the Fed reported.

Looking six months into the future, the general business conditions index decreased to 31.95 from 36.43 last month. The new orders index grew to 36.23 from 34.94, while the shipments index fell to 39.28 from 41.60, and unfilled orders climbed to 7.95 from 6.45, the Fed said. The delivery time index rose to 2.27 from 2.15, while the inventories index bounced to zero from negative 1.08.

The prices paid index decreased to 44.32 from 50.54, while the prices received index slid to 14.77 from 23.66. The number of employees index grew to 25.00 from 19.35, while the average employee workweek index rose to 7.95 from 2.15, the Fed reported. The capital expenditures expectations index increased to 20.45 from 15.05. The technology spending index fell to 12.50 from 18.28.

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