The Empire State Manufacturing Survey showed "business activity expanded for New York manufacturers, and did so at a faster pace than in recent months," the Federal Reserve Bank of New York reported Monday as the general business conditions index grew to 12.51 in January from 2.22 in December.
Economists surveyed by Thomson Reuters had expected the index would be 4.00.
The new orders index climbed to positive 10.98 from negative 1.69, while the shipments index increased to 15.52 from 4.69, and unfilled orders narrowed to negative 8.54 from negative 24.10, the Fed said.
The delivery time index improved to negative 8.54 from negative 9.64, while the inventories index surged to positive 2.44 from negative 21.69 in the prior survey. The prices paid index rose to 36.59 from 15.66, while the prices received index jumped to 13.41 from 3.61. The number of employees index increased to 12.20 from zero, while the average employee workweek index rose to positive 1.22 from negative 10.84, the Fed reported.
Looking six months into the future, the general business conditions index decreased to 37.51 from 38.96 last month. The new orders index grew to 39.10 from 30.15, while the shipments index slid to 30.58 from 33.31, and unfilled orders reversed to positive 4.88 from negative 2.41, the Fed said. The delivery time index slid to negative 1.22 from negative 1.20, while the inventories index narrowed to negative 2.44 from negative 4.82.
The prices paid index dipped to 45.21 from 48.19, while the prices received index slipped to 23.17 from 27.71. The number of employees index rose to 20.73 from 9.64, while the average employee workweek index increased to 9.76 from 1.20, the Fed reported. The capital expenditures expectations index gained to 12.20 from 8.43. The technology spending index grew to 12.20 from 10.84.
