Fed: NY BCI Falls to -38.23 From -34.65 in February

The Empire State Manufacturing Survey “indicates that conditions for New York manufacturers deteriorated significantly in March,” the Federal Reserve Bank of New York reported yesterday, as the general business conditions index widened to negative 38.23 in March from negative 34.65 in February.

Economists surveyed by Thomson Reuters had expected the index would be negative 32.00.

The new orders index widened to negative 44.76 from negative 30.51, while the shipments index slumped to negative 26.66 from negative 8.13, and unfilled orders improved to negative 23.60 from negative 24.14, the Fed said.

Looking six months into the future, the general business conditions index reversed to positive 3.14 from negative 6.56 last month. The prices paid index rose to zero from negative 2.30, while the prices received index fell to negative 14.61 from negative 9.20. The number of employees index narrowed to negative 20.48 from negative 29.35, and the average employee workweek index gained to negative 5.62 from negative 13.79. The capital expenditures expectations index fell to negative 19.10 from negative 11.49. The technology spending index declined to negative 23.60 from negative 19.54.

For reprint and licensing requests for this article, click here.
MORE FROM BOND BUYER