NEW YORK - The Empire State Manufacturing Survey showed conditions for New York State manufacturers declined May, the Federal Reserve Bank of New York today reported, as the general business conditions index slipped to 19.11 in the month from 31.86 in April, the Fed reported.
Economists surveyed by Thomson Reuters had expected the index would be 30.00.
The new orders index fell to 14.30 from 29.49, while the shipments index slid to 11.29 from 32.10, and unfilled orders widened to negative 7.89 from negative 3.80, the Fed said.
The delivery time index declined to negative 6.58 from positive 2.53, while the inventories index decreased to 1.32 from 11.39 in the prior survey. The prices paid index rose to 44.74 from 41.77, while the prices received index fell to 5.26 from 6.33. The number of employees index increased to 22.37 from 20.25, while the average employee workweek index fell to zero from 13.92, the Fed reported.
Looking six months into the future, the general business conditions index decreased to 42.11 from 55.70 last month. The new orders index slumped to 39.47 from 46.84, while the shipments index slipped to 35.53 from 41.77, and unfilled orders rose to 18.42 from zero, the Fed said. The delivery time index improved to negative 5.26 from negative 7.59, while the inventories index declined to negative 1.32 from positive 3.80.
The prices paid index rose to 46.05 from 43.04, while the prices received index grew to 23.68 from 15.19. The number of employees index dipped to 28.95 from 29.11, while the average employee workweek index reversed to positive 5.26 from negative 1.27, the Fed reported. The capital expenditures expectations index rose to 38.16 from 31.65. The technology spending index increased to 21.05 from 20.25.
