The Empire State Manufacturing Survey showed "business activity improved slightly for New York manufacturers," the Federal Reserve Bank of New York reported Friday, as the general business conditions index climbed to positive 3.09 in May from negative 1.19 in April.
Economists surveyed by Thomson Reuters had expected the index would be 4.5.
The new orders index reversed to positive 3.85 from negative 6.00, while the shipments index slipped to 14.94 from 15.23, and unfilled orders narrowed to negative 11.46 from negative 11.70, the Fed said.
The delivery time index widened to negative 10.42 from negative 4.26, while the inventories index rose to 7.29 from 2.13 in the prior survey. The prices paid index slid to 9.38 from 19.15, while the prices received index decreased to 1.04 from 4.26. The number of employees index fell to 5.21 from 9.57, while the average employee workweek index improved to negative 2.08 from negative 4.26, the Fed reported.
Looking six months into the future, the general business conditions index dropped to 29.81 from 37.06 last month. The new orders index grew to 33.94 from 33.94, while the shipments index fell to 31.75 from 32.38, and unfilled orders slumped to negative 5.21 from zero, the Fed said. The delivery time index declined to negative 5.21 from positive 3.19, while the inventories index decreased to 3.13 from 5.32.
The prices paid index slid to 26.04 from 38.30, while the prices received index decreased to 7.29 from 13.83. The number of employees index fell to 16.67 from 22.34, while the average employee workweek index crept to negative 1.04 from negative 1.06, the Fed reported. The capital expenditures expectations index declined to 15.63 from 24.47. The technology spending index slumped to 1.04 from 15.96.
