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Conditions improved for New York manufacturers in March, though activity grew slowly, the Federal Reserve Bank of New York’s Empire State Manufacturing Survey shows.
The general business conditions index was little changed at 5.6. Roughly 30 percent of respondents reported conditions had improved over the month, while 25 percent reported conditions had worsened.
The new orders index climbed three points to 3.1. The shipments index inched up two points to 4, and the unfilled orders index fell 10 points to -16.5. The delivery time index dropped to -3.5, and the inventories index climbed 12 points to 7.1.
Price indexes were lower in March, and pointed to a slowing in the pace of both input price increases and selling price increases, the survey found. The prices paid index fell four points to 21.2, while the prices received index fell 13 points to 2.4.
Labor market conditions continued to improve. The employment index fell five points but, at 5.9, indicated a small increase in employment levels. The average workweek index, holding steady at 4.7, pointed to a small increase in hours worked.
The index for expected general business conditions fell six points to 33.2, and the index for future new orders dropped to 36, down nine points from last month’s two-year high.
After falling sharply last month, the capital expenditures index rose 14 points to 16.5, and the technology spending index increased to 7.1.
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