The Empire State Manufacturing Survey showed "conditions for New York manufacturers improved modestly," the Federal Reserve Bank of New York reported Monday as the general business conditions index rose to positive 7.84 in June from negative 1.43 in May.
Economists surveyed by Thomson Reuters had expected the index would be zero.
The new orders index dropped to negative 6.69 from negative 1.17, while the shipments index decreased to negative 11.77 from negative 0.02, and unfilled orders widened to negative 14.52 from negative 6.82, the Fed said.
The delivery time index slid to negative 6.45 from negative 3.41, while the inventories index widened to negative 11.29 from negative 7.95 in the prior survey. The prices paid index rose to 20.97 from 20.45, while the prices received index climbed to 11.29 from 4.55. The number of employees index slid to zero from 5.68, while the average employee workweek index dropped to negative 11.29 from negative 1.14, the Fed reported.
Looking six months into the future, the general business conditions index decreased to 24.98 from 25.48 last month. The new orders index slid to 19.77 from 28.84, while the shipments index fell to 20.21 from 25.18, and unfilled orders slipped to negative 8.06 from negative 3.41, the Fed said. The delivery time index widened to negative 9.68 from negative 3.41, while the inventories index dipped to negative 6.45 from negative 5.68.
The prices paid index increased to 45.16 from 29.55, while the prices received index grew to 17.74 from 14.77. The number of employees index fell to 1.61 from 11.36, while the average employee workweek index reversed to negative 9.68 from positive 1.14, the Fed reported. The capital expenditures expectations index decreased to 3.23 from 22.73. The technology spending index fell to negative 3.23 from positive 11.36.
