The Empire State Manufacturing Survey showed "business conditions continued to improve for New York manufacturers, though activity grew slowly," in March, the Federal Reserve Bank of New York reported Monday as the general business conditions index rose to 5.61 in March from 4.48 in February.
Economists surveyed by Thomson Reuters had expected the index would be 6.00.
The new orders index rebounded to positive 3.13 from negative 0.21, while the shipments index increased to 3.97 from 2.13, and unfilled orders widened to negative 16.47 from negative 6.25, the Fed said.
The delivery time index slipped to negative 3.53 from positive 1.25, while the inventories index reversed to positive 7.06 from negative 5.00 in the prior survey. The prices paid index dipped to 21.18 from 25.00, while the prices received index fell to 2.35 from 15.00. The number of employees index slipped to 5.88 from 11.25, while the average employee workweek index rose to 4.71 from 3.75, the Fed reported.
Looking six months into the future, the general business conditions index decreased to 33.21 from 38.99 last month. The new orders index slid to 36.02 from 45.31, while the shipments index fell to 35.17 from 43.33, and unfilled orders dropped to 1.18 from 5.00, the Fed said. The delivery time index declined to zero from positive 3.75, while the inventories index sank to 1.18 from 12.50.
The prices paid index crept to 43.53 from 40.00, while the prices received index gained to 25.88 from 23.75. The number of employees index slid to 17.65 from 25.00, while the average employee workweek index rose to 9.41 from 7.50, the Fed reported. The capital expenditures expectations index soared to 16.47 from 2.50. The technology spending index rose to 7.06 from zero.
