The Empire State Manufacturing Survey showed “conditions for New York manufacturers improved for the sixth consecutive month in January,” the Federal Reserve Bank of New York Friday reported.
General business conditions index surged to 15.92 in the month from a revised 4.50 in December.
December’s index was originally reported as 2.55, but was revised as the Fed employed new seasonal adjustments as determined by the annual benchmark revision.
Economists surveyed by Thomson Reuters had expected the index would be 12.00.
The new orders index jumped to 20.48 from 2.77, the shipments index soared to 21.07 from 8.38, and unfilled orders increased to positive 2.67 from negative 21.05, the Fed said.
The delivery time index reversed to positive 6.67 from negative 2.63, while the inventories index narrowed to negative 17.33 from negative 18.42 in the prior survey.
The prices paid index increased to 32.00 from 19.74 and the prices received index rose to positive 2.61 from negative 9.21.
The number of employees index reversed to positive 4.00 from negative 5.26 and the average employee workweek index reversed to positive 5.33 from negative 5.26, the Fed reported.
Looking six months into the future, the general business conditions index increased to 56.00 from 52.63 last month.
The new orders index jumped to 52.00 from 48.68, the shipments index climbed to 54.67 from 43.42, and unfilled orders rose to 22.67 from 11.84.
The delivery time index decreased to negative 1.33 from zero, while the inventories index declined to 5.33 from 7.89.
The prices paid index gained to 54.67 from 40.79, while the prices received index fell to 20.00 from 22.37.
The number of employees index rose to 26.67 from 21.05, while the average employee workweek index slipped to 18.67 from 19.74. The capital expenditures expectations index increased to 33.33 from 30.26. The technology spending index increased to 13.33 from 13.16.
