The Empire State Manufacturing Survey showed "improved significantly for a second consecutive month for New York manufacturers," in June, the Federal Reserve Bank of New York reported Monday as the general business conditions index climbed to 19.28 in June from 19.01 in May.
Economists surveyed by Thomson Reuters had expected the index would be 15.00.
The new orders index increased to 18.36 from 10.44, while the shipments index declined to 14.15 from 17.44, and unfilled orders narrowed to negative 1.08 from negative 1.10, the Fed said.
The delivery time index reversed to positive 1.08 from negative 1.10, while the inventories index grew to 9.68 from negative 2.20 in the prior survey. The prices paid index slid to 17.20 from 19.78, while the prices received index fell to 4.30 from 6.59. The number of employees index dropped to 10.75 from 20.88, while the average employee workweek index rose to 9.68 from 2.20, the Fed reported.
Looking six months into the future, the general business conditions index decreased to 39.84 from 43.96 last month. The new orders index rose to 44.52 from 36.71, while the shipments index gained to 45.15 from 33.80, and unfilled orders narrowed to negative 4.30 from negative 4.40, the Fed said. The delivery time index improved to negative 5.38 from negative 10.99, while the inventories index climbed to positive 6.45 from negative 1.10.
The prices paid index rose to 36.56 from 31.87, while the prices received index grew to 16.13 from 14.29. The number of employees index rose to 20.43 from 17.58, while the average employee workweek index reverted zero to from negative 3.30, the Fed reported. The capital expenditures expectations index fell to 11.83 from 19.78. The technology spending index declined to 3.23 from 4.40.
