The Federal Reserve Bank of New York reported today that its Empire State Manufacturing Survey general business-conditions index fell to 1.3 in April from 5.6 in March.
The April number was the lowest level for the index since last December and missed analysts’ expectations for a reading of about 8, according to Yahoo Finance data.
Business activity for New York manufacturers has been “flat,” the New York Fed said in a news release distributed this morning.
The survey found 26 percent of respondents indicating that conditions had improved over the month and 24 percent saying that conditions had worsened.
The new-orders index fell below zero, declining six points to -2.8, pointing to a “slight” decline in orders, according to the New York Fed.
The unfilled-orders index remained negative at -13.3, and the inventories index dropped 10 points to -3.1.
The prices-paid index held steady at 22.5, indicating continued “moderate” input-price increases for manufacturers, the New York Fed said. The prices-received index climbed eight points to 10.2, pointing to a “pick up” in selling-price increases.
Employment indexes indicated a “modest” rise in employment levels at manufacturers and a “slight” increase in the average workweek, according to the New York Fed.
Indexes for the six-month outlook continued to convey a “good deal” of optimism about future conditions, and the capital-expenditures index climbed seven points to 23.5, its highest level in “several” months.
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