The Empire State Manufacturing Survey general business-conditions index plunged eight points to -1.2, the Federal Reserve Bank of New York reported Wednesday.
The index turned “slightly negative” for the first time since December, indicating business activity was “flat” for New York manufacturers, according to the report. The survey found 25 percent of New York manufacturers participating in the survey reported that conditions had improved, while 26 percent said that conditions had worsened.
The new-orders index remained negative for a second consecutive month, dropping four points to -6.0, which is “evidence that orders were declining,” the New York Fed said.
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However, the shipments index climbed to 15.2, indicating that shipments expanded at a “solid” pace.
Labor-market indicators pointed to an increase in employment levels but a “somewhat shorter” workweek.
Input-price increases picked up, with the prices-paid index rising seven points to 19.2, while the prices-received index fell four points to 4.3.
The future general business-conditions index climbed for a second consecutive month, suggesting “greater optimism” among manufacturers about the future than in February and March.
The capital-spending and technology-spending indexes also advanced, according to the report.
The New York Fed distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York. On average, about 100 executives return responses.
Contact Reinhardt at ereinhardt@cnybj.com
