NEW YORK - The Empire State Manufacturing Survey showed “conditions for New York manufacturers continued to improve at a steady pace in March," the Federal Reserve Bank of New York today reported, as the general business conditions index slipped to 22.86 in the month from 24.91 in February, the Fed reported.
Economists surveyed by Thomson Reuters had expected the index would be 21.45.
The new orders index rose to 25.43 from 8.78, while the shipments index grew to 25.58 from 15.14, and unfilled orders increased to 4.94 from 2.78, the Fed said.
The delivery time index reversed to positive 2.47 from negative 6.94, while the inventories index gained to 4.94 from zero in the prior survey. The prices paid index dipped to 29.63 from 31.94, while the prices received index rose to 8.64 from 4.17. The number of employees index increased to 12.35 from 5.56, while the average employee workweek index grew to 12.35 from 8.33, the Fed reported.
Looking six months into the future, the general business conditions index increased to 54.32 from 52.78 last month. The new orders index slumped to 51.85 from 55.56, while the shipments index slipped to 43.21 from 55.56, and unfilled orders rose to 16.05 from 11.11, the Fed said. The delivery time index dropped to 1.23 from 4.17, while the inventories index declined to 7.41 from 12.50.
The prices paid index dipped to 41.98 from 50.00, while the prices received index fell to 17.28 from 20.83. The number of employees index decreased to 17.28 from 27.78, while the average employee workweek index dropped to 17.28 from 26.39, the Fed reported. The capital expenditures expectations index dipped to 27.16 from 27.78. The technology spending index increased to 13.58 from 12.50.
