The Empire State Manufacturing Survey showed "business activity expanded for New York manufacturers," the Federal Reserve Bank of New York reported Friday, as the general business conditions index improved to 9.56 in April from 0.62 in March.
Economists surveyed by Thomson Reuters had expected the index would be negative 2.2.
The new orders index rose to 11.14 from 9.57, while the shipments index slid to 10.17 from 13.88, and unfilled orders narrowed to negative 0.96 from negative 3.96, the Fed said.
The delivery time index climbed to positive 0.96 from negative 3.96, while the inventories index narrowed to negative 4.81 from negative 6.93 in the prior survey. The prices paid index gained to 19.23 from 2.97, while the prices received index increased to positive 2.88 from negative 5.94. The number of employees index reversed to positive 1.92 from negative 1.98, while the average employee workweek index dipped to 1.92 from 1.98, the Fed reported.
Looking six months into the future, the general business conditions index rose to 29.40 from 25.52 last month. The new orders index slid to 36.55 from 38.96, while the shipments index gained to 37.18 from 33.33, and unfilled orders decreased to 2.88 from 10.89, the Fed said. The delivery time index grew to 4.81 from 0.99, while the inventories index dropped to negative 1.92 from positive 10.89.
The prices paid index gained to 27.88 from 19.80, while the prices received index declined to 5.77 from 7.92. The number of employees index rose to 13.46 from 12.87, while the average employee workweek index rose to 10.58 from 4.95, the Fed reported. The capital expenditures expectations index grew to 22.12 from 15.84. The technology spending index gained to 21.15 from 9.90.
