The Empire State Manufacturing Survey showed "business activity grew modestly in New York State," the Federal Reserve Bank of New York reported Thursday, as the general business conditions index increased to 9.0 in December from 1.5 in November.
Economists surveyed by Thomson Reuters had expected the index would be 3.0.
The new orders index grew to 11.4 from 3.1, while the shipments index held at 8.5, and unfilled orders narrowed to negative 10.4 from negative 12.7, the Fed said.
The delivery time index widened to negative 7.8 from negative 5.5, while the inventories index improved to negative 13.9 from negative 23.6 in the prior survey. The prices paid index gained to 22.6 from 15.5, while the prices received index increased to 3.5 from 2.7. The number of employees index fell to negative 12.2 from negative 10.9, while the average employee workweek index climbed to negative 7.0 from negative 10.9, the Fed reported.
Looking six months into the future, the general business conditions index soared to 50.2 from 29.9 last month. The new orders index surged to 46.7 from 28.7, while the shipments index jumped to 40.1 from 26.0, and unfilled orders rose to 14.8 from 6.4, the Fed said. The delivery time index grew to 5.2 from 1.8, while the inventories index reversed to positive 8.7 from negative 10.0.
The prices paid index grew to 42.6 from 39.1, while the prices received index climbed to 22.6 from 20.9. The number of employees index jumped to 23.5 from 10.9, while the average employee workweek index gained to 12.2 from 10.0, the Fed reported. The capital expenditures expectations index increased to 21.7 from 12.7. The technology spending index gained to 12.2 from 8.2.
