The Empire State Manufacturing Survey showed “conditions for New York manufacturers improved in May, but at a slower pace than in April,” the Federal Reserve Bank of New York reported Monday, as the general business conditions index slipped to 11.88 in the month from 21.70 in April, the Fed reported.

Economists surveyed by Thomson Reuters had expected the index would fall to 20.00.

The new orders index dipped to 17.19 from 22.34, the shipments index sagged to 25.75 from 28.29, and unfilled orders gained to 9.68 from 2.56, according to the Fed.

Looking into the future, six months from now, the general business conditions index grew to 52.69 from 47.44 last month.

The new orders index rose to 47.31 from 43.59, the shipments index climbed to 41.94 from 37.18, and unfilled orders increased to 19.35 from 7.69, the Fed said.

The capital expenditures expectations index increased to 30.11 from 29.49, while the technology spending index rose to 29.03 from 17.95.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.