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Report: Conditions improve in May for N.Y. manufacturers

Rochester Business Journal
May 15, 2014

Business conditions for New York manufacturers improved significantly in May, the Federal Reserve Bank of New York’s Empire State Manufacturing Survey reports.

On the heels of a reading of 1.3 in April, the general business conditions index shot up 18 points to 19, its highest level since mid-2010. Roughly 37 percent of respondents reported conditions had improved over the month, while 18 percent reported conditions had worsened.

The new orders index rose 13 points, from a negative reading last month to 10.4 in May. The shipments index climbed 14 points to 17.4, also a multiyear high. The unfilled orders index rose 12 points to -1.1. The delivery time index advanced to -1.1 and the inventories index rose five points to 2.2.

The prices paid index fell three points to 19.8, and the prices received index fell 4 points to 6.6. The index for number of employees surged 13 points to 20.9. The average workweek index, however, was little changed at 2.2.

The index for future general business conditions rose six points to 44, its highest level in more than two years, with 53 percent of respondents expecting conditions to improve over the next six months.

The future new orders climbed to 36.7, while the index for expected shipments fell five points to 33.8. Indexes for expected prices were little changed, with the future prices paid index inching down just slightly to 31.9 and the index for future prices received holding steady at 14.3.

The index for expected number of employees dipped five points to 17.6, and the future average workweek index dropped to -3.3. The capital expenditures index fell four points but, at 19.8, suggested capital spending was expected to increase moderately. The technology spending index retreated 10 points to 4.4, pointing to a slowing in expected spending on technology.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 


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