NEW YORK - The Empire State Manufacturing Survey showed “conditions for New York manufacturers improved in January,” the Federal Reserve Bank of New York reported Tuesday, as the general business conditions index gained to 11.92 in the month from 9.89 in December, the Fed reported.
Economists surveyed by Thomson Reuters had expected the index would grow to 12.75.
The new orders index surged to 12.39 from 2.03, while the shipments index jumped to 25.39 from 7.16, and unfilled orders improved to negative 11.58 from negative 18.18, the Fed said.
The delivery time index narrowed to negative 6.32 from negative 6.82, while the inventories index reversed to positive 4.21 from negative 15.91 in the prior survey. The prices paid index grew to 35.79 from 28.41, while the prices received index rose to 15.79 from 3.41. The number of employees index increased to positive 8.42 from negative 3.41, while the average employee workweek index reversed to positive 2.11 from negative 14.77, the Fed reported.
Looking six months into the future, the general business conditions index increased to 58.95 from 48.86 last month. The new orders index rose to 53.68 from 53.41, while the shipments index dipped to 52.63 from 53.41, and unfilled orders decreased to 9.47 from 14.77, the Fed said. The delivery time index rebounded to 8.42 from 4.55, while the inventories index increased to positive 14.74 from negative 1.14.
The prices paid index rose to 60.00 from 57.96, while the prices received index grew to 42.11 from 38.64. The number of employees index slid to 24.21 from 29.55, while the average employee workweek index slipped to 15.79 from 17.05, the Fed reported. The capital expenditures expectations index jumped to 34.74 from 22.73. The technology spending index gained to 22.11 from 19.32.
