Business activity grew strongly in New York State, according to firms responding to the May 2018 Empire State Manufacturing Survey, as compiled by the Federal Reserve Bank of New York.
The headline general business conditions index climbed four points to 20.1, indicating a faster pace of growth than in April. Other indicators:
- The new orders index rose seven points to 16.0, and the shipments index was little changed at 19.1, suggesting ongoing growth in orders and shipments
- Delivery times continued to lengthen
- Inventories moved higher
- Labor market indicators pointed to a modest increase in employment and longer workweeks
- The prices paid index rose to its highest level in several years, indicating significant input price increases
- The prices received index remained elevated
Looking ahead, firms were somewhat more optimistic about the six-month outlook than they were in April, though less so than earlier this year.
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