The Empire State Manufacturing Survey showed "business activity continued to expand at a modest pace for New York manufacturers," the Federal Reserve Bank of New York reported Monday, as the general business conditions index slipped to 6.90 in March from 7.78 in February.
Economists surveyed by Thomson Reuters had expected the index would be 8.00.
The new orders index decreased to negative 2.39 from positive 1.22, while the shipments index dropped to 7.93 from 14.12, and unfilled orders widened to negative 13.40 from negative 6.74, the Fed said.
The delivery time index declined to negative 2.06 from positive 1.12, while the inventories index slipped to negative 5.15 from negative 2.25 in the prior survey. The prices paid index slid to 12.37 from 14.61, while the prices received index increased to 8.25 from 3.37. The number of employees index grew to 18.56 from 10.11, while the average employee workweek index reversed to positive 5.15 from negative 1.12, the Fed reported.
Looking six months into the future, the general business conditions index gained to 30.72 from 25.58 last month. The new orders index fell to 26.31 from 28.61, while the shipments index slid to 28.71 from 30.34, and unfilled orders reversed to positive 7.22 from negative 2.25, the Fed said. The delivery time index climbed to 3.09 from 2.25, while the inventories index increased to negative 3.09 from negative 4.49.
The prices paid index rose to 31.96 from 26.97, while the prices received index increased to 12.37 from 5.62. The number of employees index gained to 28.87 from 24.72, while the average employee workweek index grew to 3.09 from 1.12, the Fed reported. The capital expenditures expectations index dropped to 18.56 from 32.58. The technology spending index decreased to 7.22 from 19.10.
