New York manufacturing index edges up in March

The Federal Reserve Bank of New York reported today that its Empire State Manufacturing Survey general business-conditions index rose to 5.6 in March from 4.5 in February.

Even though the index was “little changed” this month, the survey indicates business conditions “continued to improve” in March, according to a news release the New York Fed distributed this morning.

About 30 percent of respondents reported that conditions had improved over the month, while 25 percent said that conditions had worsened, the New York Fed said in the news release.

The new-orders index climbed three points to 3.1, indicating that orders were “slightly higher,” while the shipments index inched up to 4.0.

The unfilled-orders index fell further into negative territory, declining 10 points to minus 16.5. The inventories index advanced to 7.1, pointing to rising inventory levels, according to the New York Fed.

The indexes for both prices paid and prices received declined but remained positive, indicating slower price growth, it added.

Employment indexes were positive and suggested a small increase in employment levels and hours worked, the New York Fed said.

Indexes for the six-month outlook were down somewhat from last month’s levels, but continued to convey a “fairly strong” degree of optimism about future conditions.

The capital-spending index rose to its highest level in several months, according to the survey.

The New York Fed distributes the Empire State Manufacturing Surveyon 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, it says.

Contact Reinhardt at ereinhardt@cnybj.com