The Empire State Manufacturing Survey showed “conditions for New York manufacturers continued to improve in February,” the Federal Reserve Bank of New York reported Tuesday, as the general business conditions index gained to 15.43 in the month from 11.92 in January.
Economists surveyed by Thomson Reuters had expected the index would grow to 15.00.
The new-orders index slipped to 11.80 from 12.39, while the shipments index slumped to 11.31 from 25.39, and unfilled orders improved to negative 4.82 from negative 11.58, the Fed said.
The delivery time index climbed to zero from negative 6.32 and the inventories index increased to 9.64 from 4.21 in the previous survey. The prices paid index grew to 45.78 from 35.79 and the prices received index rose to 16.87 from 15.79. The number of employees index decreased to 3.61 from 8.42, while the average employee workweek index surged to 6.02 from 2.11, the Fed reported.
Looking six months into the future, the general business conditions index decreased to 49.40 from 58.95 last month. The new orders index slid to 44.58 from 53.68, while the shipments index dipped to 44.58 from 52.63, and unfilled orders decreased to 4.82 from 9.47.
The delivery-time index bounced up to 13.25 from 8.42, while the inventories index slipped to 13.25 from 14.74.
The prices paid index fell to 55.42 from 60.00 and the prices received index dropped to 27.71 from 42.11. The number of employees index dipped to 24.10 from 24.21 and the average employee workweek index gained to 18.07 from 15.79.
The capital expenditures expectations index declined to 27.71 from 34.74. The technology spending index slid to 18.07 from 22.11.