Empire State Manufacturing Index Falls
NEW YORK (
) -- Factory activity in the New York area backtracked in March, though not as much as the Street had forecast.
In its Empire State Manufacturing Survey, the Federal Reserve Bank of New York said its reading on general business conditions dipped to 22.86 this month. The index registered a 24.91 in February, though forecasts had called for the measure to fall to 22 in March.
The results are culled from questionnaires sent to about 200 manufacturing executives around the state. A reading above zero typically hints at expansion in the sector.
Some individual readings offered some encouraging signs despite the broader decline. A reading suggested a sharp pickup in new orders, climbing to 25.43 in March after registering 8.78 in the prior month. Inventories, unfilled orders and delivery times also improved during the month, according to the report.
The prices manufacturers paid on items fell during the month, with that index falling to 29.63 from 31.94 in the prior month. But prices received strengthened, as that reading climbed to 8.64 from 4.17.
In light of continuing labor market concerns throughout the economy, the survey hinted at some improvement in manufacturing employment. A reading that tracks the number of employees in the manufacturing ranks read 12.35 in March after hitting 5.56 in February, its best effort in over two years. A separate metric analyzing the average employee workweek also rose higher to 12.35 this month. The mark stood at 8.33 in February.
--Written by Sung Moss in New York
