The Empire State Manufacturing Survey showed "business activity expanded for New York manufacturers," the Federal Reserve Bank of New York reported Thursday, as the general business conditions index surged to positive 9.95 in January from negative 1.23 in December.
Economists surveyed by Thomson Reuters had expected the index would be 5.00.
The new orders index increased to 6.09 from 0.39, while the shipments index gained to 9.59 from 2.55, and unfilled orders narrowed to negative 8.42 from negative 23.96, the Fed said.
The delivery time index improved to negative 5.26 from negative 14.58, while the inventories index climbed to negative 7.37 from negative 11.46 in the prior survey. The prices paid index rose to 12.63 from 10.42, while the prices received index increased to 12.63 from 6.25. The number of employees index grew to 13.68 from 8.33, while the average employee workweek index narrowed to negative 8.42 from negative 11.46, the Fed reported.
Looking six months into the future, the general business conditions index gained to 48.35 from 39.31 last month. The new orders index rose to 41.44 from 38.85, while the shipments index grew to 40.57 from 37.75, and unfilled orders declined to 2.11 from 7.29, the Fed said. The delivery time index slipped to negative 3.16 from negative 2.08, while the inventories index decreased to 1.05 from 9.38.
The prices paid index fell to 33.68 from 40.63, while the prices received index plunged to 15.79 from 32.29. The number of employees index climbed to 31.58 from 20.83, while the average employee workweek index slid to 11.58 from 12.50, the Fed reported. The capital expenditures expectations index fell to 14.74 from 15.63. The technology spending index decreased to 12.63 from 17.71.
