The Empire State Manufacturing Survey showed "business conditions improved significantly for New York manufacturers," in May, the Federal Reserve Bank of New York reported Thursday as the general business conditions index soared to 19.01 in May from 1.29 in April.
Economists surveyed by Thomson Reuters had expected the index would be 6.00.
The new orders index reversed to positive 10.44 from negative 2.77, while the shipments index increased to 17.44 from 3.15, and unfilled orders narrowed to negative 1.10 from negative 13.27, the Fed said.
The delivery time index improved to negative 1.10 from negative 9.18, while the inventories index grew to positive 2.20 from negative 3.06 in the prior survey. The prices paid index slid to 19.78 from 22.45, while the prices received index fell to 6.59 from 10.20. The number of employees index gained to 20.88 from 8.16, while the average employee workweek index rose to 2.20 from 2.04, the Fed reported.
Looking six months into the future, the general business conditions index increased to 43.96 from 38.23 last month. The new orders index rose to 36.71 from 32.69, while the shipments index fell to 33.80 from 38.83, and unfilled orders dropped to negative 4.40 from positive 2.04, the Fed said. The delivery time index slumped to negative 10.99 from negative 2.04, while the inventories index dropped to negative 1.10 from positive 3.06.
The prices paid index fell to 31.87 from 33.67, while the prices received index held at 14.29. The number of employees index slid to 17.58 from 22.45, while the average employee workweek index declined to negative 3.30 from positive 1.02, the Fed reported. The capital expenditures expectations index fell to 19.78 from 23.47. The technology spending index declined to 4.40 from 14.29.
