The Empire State Manufacturing Survey general business-conditions index rose nine points in March to 22.5.
The index fell about five points in February to 13.1, “suggesting a somewhat slower pace of growth than in January.”
The index had slipped to 17.7 in January, remaining “little changed” from December’s level of 18.0.
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The responses in the March survey indicated that business activity “grew robustly” in New York, the Federal Reserve Bank of New York said in its news release issued Thursday.
A positive reading indicates expansion or growth in manufacturing activity, while a negative reading on the index indicates a decline in the sector.
The survey found 38 percent of respondents reported that conditions had improved over the month, while 15 percent reported that conditions had worsened.
Survey details
The new orders index rose to 16.8 and the shipments index advanced to 27.0, readings that “pointed to strong growth in orders and shipments,” the New York Fed said.
Unfilled orders increased, delivery times lengthened, and inventories edged higher.
Labor-market indicators showed an increase in employment and hours worked.
After reaching a multiyear high last month, the prices-paid index moved up further, “reflecting ongoing and widespread increases in input prices.” The prices-received index “held steady and suggested moderate selling price increases.”
Firms remained optimistic about future business conditions, “though less so than last month,” and capital spending plans “remained strong.”
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
IMAGE CREDIT: Federal Reserve Bank of New York website
