NEW YORK - The Empire State Manufacturing Survey showed manufacturing activity “expanded” in New York State, the Federal Reserve Bank of New York reported Tuesday as the general business conditions index spiked to 17.09 in May from 6.56 in April.
Economists surveyed by Thomson Reuters had expected the index would gain to 9.00.
The new orders index grew to 8.32 from 6.48, while the shipments index surged to 24.14 from 6.41, and unfilled orders improved to negative 4.82 from negative 7.23, the Fed said.
The delivery time index dipped to zero from 4.82, while the inventories index climbed to 4.82 from 1.20 in the prior survey. The prices paid index slid to 37.35 from 45.78, while the prices received index fell to 12.05 from 19.28. The number of employees index increased to 20.48 from 19.28, while the average employee workweek index rose to 12.05 from 6.02, the Fed reported.
Looking six months into the future, the general business conditions index decreased to 29.26 from 43.12 last month. The new orders index fell to 30.12 from 45.78, while the shipments index dropped to 25.30 from 44.58, and unfilled orders slid to zero from 9.64, the Fed said. The delivery time index grew to 2.41 from 1.20, while the inventories index sank to negative 10.84 from positive 4.82.
The prices paid index increased to 57.83 from 50.60, while the prices received index held at 22.89. The number of employees index fell to 12.05 from 27.71, while the average employee workweek index declined to 8.43 from 10.84, the Fed reported. The capital expenditures expectations index slid to 19.28 from 31.33. The technology spending index decreased to 12.05 from 18.07.