New York manufacturing index slips in March

The Empire State Manufacturing Survey general business-conditions index fell less than a point to 6.9 in March, the Federal Reserve Bank of New York reported today.

Economists had been expecting a reading of 8.5, according to MarketWatch.

The New York Fed described the general business-conditions index as “little changed,” suggesting that conditions for New York manufacturers continued “to improve modestly and at roughly the same pace as in the past several months.” Any reading above zero indicates improving conditions.

The monthly survey found that 26 percent of respondents said that conditions had improved, while 19 percent reported that conditions had worsened.

The survey’s new-orders index fell four points to -2.4, pointing to a “small decline” in orders, and the shipments index declined six points to 7.9.

Labor-market indicators pointed to a solid increase in employment levels and a lengthening in the average workweek.

Pricing pressures remained “subdued,” with the prices-paid index inching down 2 points to 12.4, and the prices-received index at 8.3.

As in February, indexes for the six-month outlook conveyed “less optimism than in many of the preceding months,” and the capital-spending and technology-spending indexes declined, according to the New York Fed.

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.