NEW YORK - The Empire State Manufacturing Survey showed “conditions for New York State manufacturers improved at a rapid pace in April," the Federal Reserve Bank of New York today reported, as the general business conditions index climbed to 31.86 in the month from 22.86 in March, the Fed reported.
Economists surveyed by Thomson Reuters had expected the index would be 24.00.
The new orders index rose to 29.49 from 25.43, while the shipments index grew to 32.10 from 25.58, and unfilled orders reversed to negative 3.80 from positive 4.94, the Fed said.
The delivery time index inched up to 2.53 from 2.47, while the inventories index gained to 11.39 from 4.94 in the prior survey. The prices paid index soared to 41.77 from 29.63, while the prices received index fell to 6.33 from 8.64. The number of employees index increased to 20.25 from 12.35, while the average employee workweek index grew to 13.92 from 12.35, the Fed reported.
Looking six months into the future, the general business conditions index increased to 55.70 from 54.32 last month. The new orders index slumped to 46.84 from 51.85, while the shipments index slipped to 41.77 from 43.21, and unfilled orders fell to zero from 16.05, the Fed said. The delivery time index dropped to negative 7.59 from positive 1.23, while the inventories index declined to 3.80 from 7.41.
The prices paid index rose to 43.04 from 41.98, while the prices received index fell to 15.19 from 17.28. The number of employees index increased to 29.11 from 17.28, while the average employee workweek index dropped to negative 1.27 from positive 17.28, the Fed reported. The capital expenditures expectations index rose to 31.65 from 27.16. The technology spending index increased to 20.25 from 13.58.
