NEW YORK - 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, while the shipments index sagged to 25.75 from 28.29, and unfilled orders gained to 9.68 from 2.56, the Fed said.
The delivery time index reversed to positive 2.15 from negative 1.28, while the inventories index increased to positive 10.75 from negative 1.28 in the prior survey. The prices paid index grew to 69.89 from 57.69, while the prices received index rose to 27.96 from 26.92. The number of employees index increased to 24.73 from 23.08, while the average employee workweek index soared to 23.66 from 10.26, the Fed reported.
Looking six months into the future, 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, while the shipments index climbed to 41.94 from 37.18, and unfilled orders increased to 19.35 from 7.69, the Fed said. The delivery time index improved to positive 6.45 from negative 2.56, while the inventories index slumped to 4.30 from 14.10.
The prices paid index rose to 68.82 from 56.41, while the prices received index fell to 35.48 from 38.46. The number of employees index dropped to 20.43 from 32.05, while the average employee workweek index doubled to 12.90 from 6.41, the Fed reported. The capital expenditures expectations index increased to 30.11 from 29.49. The technology spending index rose to 29.03 from 17.95.
