The Empire State Manufacturing Survey showed "business activity steadied for New York manufacturers," the Federal Reserve Bank of New York reported Tuesday, as the general business conditions index improved to positive 0.62 in March from negative 16.64 in February.
Economists surveyed by Thomson Reuters had expected the index would be negative 10.0.
The new orders index reversed to positive 9.57 from negative 11.63, while the shipments index gained to positive 13.88 from negative 11.56, and unfilled orders narrowed to negative 3.96 from negative 6.93, the Fed said.
The delivery time index slipped to negative 3.96 from negative 1.98, while the inventories index fell to negative 6.93 from zero in the prior survey. The prices paid index remained at 2.97, while the prices received index widened to negative 5.94 from negative 4.95. The number of employees index slid to negative 1.98 from negative 0.99, while the average employee workweek index increased to positive 1.98 from negative 5.94, the Fed reported.
Looking six months into the future, the general business conditions index rose to 25.52 from 14.48 last month. The new orders index grew to 38.96 from 22.15, while the shipments index gained to 33.33 from 23.82, and unfilled orders increased to 10.89 from 9.90, the Fed said. The delivery time index reversed to positive 0.99 from negative 2.97, while the inventories index climbed to 10.89 from 0.99.
The prices paid index gained to 19.80 from 14.85, while the prices received index increased to 7.92 from 3.96. The number of employees index slid to 12.87 from 16.83, while the average employee workweek index rose to 4.95 from zero, the Fed reported. The capital expenditures expectations index grew to 15.84 from 12.87. The technology spending index gained to 9.90 from 5.94.
