The Empire State Manufacturing Survey showed "business activity continued to grow at a solid clip in New York State," the Federal Reserve Bank of New York reported Wednesday, as the general business conditions index decreased to 16.4 in March from 18.7 in February.
Economists surveyed by Thomson Reuters had expected the index would be 15.0.
The new orders index grew to 21.3 from 13.5, while the shipments index fell to 11.3 from 18.2, and unfilled orders rose to 14.2 from 8.2, the Fed said.
The delivery time index gained to 10.6 from 7.1, while the inventories index dropped to negative 2/7 from positive 3.1 in the prior survey. The prices paid index slid to 31.0 from 37.8, while the prices received index decreased to 8.8 from 19.4. The number of employees index grew to 8.8 from 2.0, while the average employee workweek index soared to 15.0 from 4.1, the Fed reported.
Looking six months into the future, the general business conditions index slipped to 37.4 from 41.7 last month. The new orders index declined to 33.9 from 43.8, while the shipments index dropped to 35.5 from 41.7, and unfilled orders fell to 8.0 from 14.3, the Fed said. The delivery time index dipped to 3.5 from 4.1, while the inventories index increased to 5.3 from 4.1.
The prices paid index grew to 41.6 from 38.8, while the prices received index slipped to 19.5 from 25.5. The number of employees index plunged to 14.2 from 28.6, while the average employee workweek index fell to 11.5 from 19.4, the Fed reported. The capital expenditures index increased to 23.9 from 22.4. The technology spending index fell to 8.0 from 16.3.
