NEW YORK - The Empire State Manufacturing Survey showed “conditions for New York manufacturers continued to improve in March, the Federal Reserve Bank of New York reported Tuesday, as the general business conditions index gained to 17.50 in the month from 15.43 in February, the Fed reported.
Economists surveyed by Thomson Reuters had expected the index would grow to 16.75.
The new orders index slipped to 5.81 from 11.80, while the shipments index slumped to 1.62 from 11.31, and unfilled orders reversed to positive 2.60 from negative 4.82, the Fed said.
The delivery time index slipped to negative 1.30 from zero, while the inventories index decreased to 3.90 from 9.64 in the prior survey. The prices paid index grew to 53.25 from 45.78, while the prices received index rose to 20.78 from 16.87. The number of employees index increased to 9.09 from 3.61, while the average employee workweek index surged to 15.58 from 6.02, the Fed reported.
Looking six months into the future, the general business conditions index dipped to 49.35 from 49.40 last month. The new orders index slid to 42.86 from 44.58, while the shipments index dropped to 40.26 from 44.58, and unfilled orders increased to 6.49 from 4.82, the Fed said. The delivery time index slumped to negative 5.19 from positive 13.25, while the inventories index slipped to 7.79 from 13.25.
The prices paid index soared to 71.43 from 55.42, while the prices received index grew to 36.36 from 27.71. The number of employees index dipped to 23.38 from 24.10, while the average employee workweek index slid to 10.39 from 18.07, the Fed reported. The capital expenditures expectations index declined to 22.08 from 27.71. The technology spending index slid to 6.49 from 18.07.
