Manufacturing in New York state grew at a steady pace in March, a monthly report from the Federal Reserve Bank of New York shows.
The headline general business conditions index climbed five points to 17.4, its highest level since last summer. New orders increased modestly, while shipments were up substantially. Delivery times continued to lengthen, according to the March Empire State Manufacturing Survey, and inventories were somewhat higher.
The index for number of employees was little changed at 9.4, indicating ongoing modest gains in employment, but the index for future employment rose to its highest level in more than 10 years, suggesting that firms widely expect to increase employment in the months ahead.
The prices paid index rose seven points to 64.4, reaching its highest level in a decade, pointing to sharp input price increases. The prices received index was flat from last month’s two-year high, pointing to ongoing selling price increases.
The index for future shipments increased to 46.5 in March. The index for future inventories rose to a multi-year high, and both the future prices paid and prices received indexes continued their upward trend. The index for future employment rose to its highest level in more than a decade, suggesting that firms widely expect to increase employment in the months ahead. The capital expenditures index came in at 26.8, while the technology spending index was 20.1.
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