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Empire State Manufacturing Survey Shows Slight Improvement

Federal Reserve Bank of New York (05/15/15)

Business conditions improved slightly for New York manufacturers, according to the 2015 Empire State Manufacturing Survey. The general business conditions index advanced four points but, at 3.1, indicated that business conditions were only slightly better over the month. Thirty percent of respondents reported that conditions had improved, while 27% reported that conditions had worsened. The new orders index, positive for the first time since February, rose 10 points to 3.9, indicating a small increase in orders. The shipments index was little changed at 14.9, suggesting that shipments continued to grow at a solid clip.

Labor market conditions pointed to a small increase in employment but a slight dip in the length of the average workweek. The index for number of employees fell four points to 5.2, while the average workweek index, though up two points, remained negative at -2.1.