Business activity “grew modestly in New York State,” while the outlook fell to its lowest level in three years, the April Empire State Manufacturing Survey, released Friday by the Federal Reserve Bank of New York, suggested.
The general business conditions index climbed to 10.1 in April from 3.7 in March, its lowest reading since May 2017.
Economists surveyed by IFR Markets had expected the index would be 6.7.
The index, which had been below 10 for three straight months before climbing just above that level, “indicating that growth picked up somewhat but remained fairly subdued,” the report said.
The new orders index rebounded to 7.5 from 3.0, while the shipments index increased to 8.6 from 7.7, and unfilled orders reversed to negative 0.7 from positive 2.2, the Fed said.
The delivery time index gained to 7.0 from 1.4, while the inventories index rose to 8.4 from zero in the prior survey. The prices paid index slid to 27.3 from 34.1, while the prices received index dropped to 14.0 from 18.19. The number of employees index fell to 11.9 from 13.8, while the average employee workweek index reversed to positive 4.3 from negative 3.4, the Fed reported.
Looking six months into the future, the general business conditions index plunged to 12.4, its lowest reading in three years, from 29.6 last month. The new orders index fell to 20.5 from 29.0, while the shipments index decreased to 22.7 from 27.7, and unfilled orders dipped to zero from 5.8, the Fed said. The delivery time index dropped to negative 2.1 from positive 6.5, while the inventories index rose to 4.2 from 1.4.
The prices paid index declined to 37.1 from 40.6, while the prices received index fell to 16.1 from 23.9. The number of employees index dipped to 17.3 from 17.6, while the average employee workweek index grew to 11.2 from 10.1, the Fed reported. The capital expenditures index decreased to 25.2 from 28.3. The technology spending index held at 20.3.
