The Empire State Manufacturing Survey plunged in April, the Federal Reserve Bank of New York reported Tuesday as the general business conditions index fell to 1.29 in April from 5.61 in March.
Economists surveyed by Thomson Reuters had expected the index would be 8.00.
The new orders index dropped to negative 2.77 from positive 3.13, while the shipments index decreased to 3.15 from 3.97, and unfilled orders narrowed to negative 13.27 from negative 16.47, the Fed said.
The delivery time index slipped to negative 9.18 from negative 3.53, while the inventories index reversed to negative 3.06 from positive 7.06 in the prior survey. The prices paid index rose to 22.45 from 21.18, while the prices received index jumped to 10.20 from 2.35. The number of employees index increased to 8.16 from 5.88, while the average employee workweek index fell to 2.04 from 4.71, the Fed reported.
Looking six months into the future, the general business conditions index increased to 38.23 from 33.21 last month. The new orders index slid to 32.69 from 36.02, while the shipments index rose to 38.83 from 35.17, and unfilled orders rose to 2.04 from 1.18, the Fed said. The delivery time index declined to negative 2.04 from zero, while the inventories index rose to 3.06 from 1.18.
The prices paid index dipped to 33.67 from 43.53, while the prices received index loss to 14.29 from 25.88. The number of employees index rose to 22.45 from 17.65, while the average employee workweek index dropped to 1.02 from 9.41, the Fed reported. The capital expenditures expectations index soared to 23.47 from 16.47. The technology spending index rose to 14.29 from 7.06.
