NEW YORK- The general business conditions index for May in the New York area increased slightly to 8, according to a report by the Federal Reserve Bank of New York.
(To view the report, click here.)
New orders and shipments rose to 8 and 14.1, respectively.
The unfilled orders index rose to zero and delivery times dipped below zero.
Prices paid dipped 6 points to 34.4, but was still high. Prices received reversed a three-month trend and rose 8 points to 15.6.
The employment indexes increased, with number of employees at 9.7 and the average workweek at 11.1.
The outlook was positive for the coming months, with the future general business conditions index jumping 16 points to 49.8. Future new orders increased almost 10 points to 44.8 and future shipments rose to 50.6.
Future prices paid and prices received were 53.3 and 36.7, respectively. Future employment was also positive. Capital expenditures increased to 34.4 and technology spending rose to 26.7.