The Empire State Manufacturing Survey showed "business activity was flat for New York manufacturers," the Federal Reserve Bank of New York reported Wednesday, as the general business conditions index slipped to negative 1.19 in April from positive 6.90 in March.
Economists surveyed by Thomson Reuters had expected the index would be 7.30.
The new orders index decreased to negative 6.00 from negative 2.39, while the shipments index climbed to 15.23 from 7.93, and unfilled orders narrowed to negative 11.70 from negative 13.40, the Fed said.
The delivery time index widened to negative 4.26 from negative 2.06, while the inventories index reversed to positive 2.13 from negative 5.15 in the prior survey. The prices paid index rose to 19.15 from 12.37, while the prices received index decreased to 4.26 from 8.25. The number of employees index fell to 9.57 from 18.56, while the average employee workweek index reversed to negative 4.26 from positive 5.15, the Fed reported.
Looking six months into the future, the general business conditions index gained to 37.06 from 30.72 last month. The new orders index grew to 33.57 from 26.31, while the shipments index rose to 32.38 from 28.71, and unfilled orders slumped to zero from positive 7.22, the Fed said. The delivery time index crept to 3.19 from 3.09, while the inventories index increased to positive 5.32 from negative 3.09.
The prices paid index rose to 38.30 from 31.96, while the prices received index increased to 13.83 from 12.37. The number of employees index slid to 22.34 from 28.87, while the average employee workweek index fell to negative 1.06 from positive 3.09, the Fed reported. The capital expenditures expectations index gained to 24.47 from 18.56. The technology spending index surged to 15.96 from 7.22.
