Prices paid remain elevated, while the future outlook sank, the Empire State Manufacturing Survey, released Monday by the Federal Reserve Bank of New York, suggested.

“Price increases remained elevated,” the report said. “The prices paid index edged down three points to 47.4, just slightly below last month’s multiyear high. The prices received index was little changed at 20.7, a level suggesting ongoing moderate selling price increases”

Empire State Manufacturing Survey

The general business conditions index slid to 15.8 in April from 22.5 in March.

Economists surveyed by IFR Markets had expected the index would be 18.6.

The new orders index fell to 9.0 from 16.8, while the shipments index declined to 17.5 from 27.0, and unfilled orders decreased to 3.7 from 12.7, the Fed said.

The delivery time index slipped to 15.6 from 16.2, while the inventories index crept to 8.1 from 5.6 in the prior survey. The prices paid index fell to 47.4 from 50.3, while the prices received index slid to 20.7 from 22.4. The number of employees index declined to 6.0 from 9.4, while the average employee workweek index soared to 16.9 from 5.9, the Fed reported.

Looking six months into the future, the general business conditions index plunged to 18.3 from 44.1 last month. The new orders index decreased to 18.5 from 43.0, while the shipments index declined to 18.5 from 43.3, and unfilled orders dropped to 2.2 from 7.0, the Fed said. The delivery time index decreased to negative 0.7 from positive 5.6, while the inventories index fell to 8.1 from 12.0.

The prices paid index slid to 54.8 from 55.9, while the prices received index rose to 31.1 from 28.0. The number of employees index dropped to 13.1 from 23.3 while the average employee workweek index plunged to 3.7 from 14.7, the Fed reported. The capital expenditures index decreased to 25.2 from 29.4. The technology spending index slipped to 18.5 from 18.9.

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.