The Empire State Manufacturing Survey showed manufacturing activity has expanded in the region, the Federal Reserve Bank of New York reported Thursday as the general business conditions index improved to 20.21 in March from 19.53 in February.
Economists had expected a slide to 17.85. The new orders index slid to 6.84 from 9.73, while the shipments index fell to 18.21 from 22.79, the Fed said.
The prices paid index surged to 50.62 from 25.88, while the prices received index fell to 13.58 from 15.29. The number of employees index increased to 13.58 from 11.76, and the average employee workweek index grew to 18.52 from 7.06.
Looking six months into the future, the general business conditions index decreased to 47.50 from 50.38 last month. The new orders index slid to 41.98 from 44.71, while the shipments index fell to 43.21 from 49.41.
The capital expenditures expectations index rose to 32.10 from 31.76. The technology spending index grew to 24.69 from 18.82.
